The ONLY place I have seen color coding of systems was in US Navy. It worked well there. Valve handles were colored (green for seawater, yellow for diesel, orange for hydraulics, etc etc). Rarely did we paint the piping itself.
I have never understood why the civilian world did not have a similar system. there are a few exceptions of course Red is for fire extinguisher and alarm systems.
I FIRMLY believe in labeling the tanks etc for their content -- here in USA there is a NFPA (I think) hazard warning diamond system
BUT that is designed primarily for firefighters. That is fairly commonly used but for the most part useless for employees - how do you distinguish between sulfuric and nitric acid for instance when they have the same lable.
THe ASME system as mentioned previously and shown by Brady sign company is also good BUT
how do you know what is in two pipes labeled green ie circ water, chill water, are both labeled green - which is which?? --- gotta read the label.
Brady makes great labels by the way -- pricy but you get what you pay for.
Tiz a crazy world we live in.
Dan Bentler