download Automation Blocks for Premiere Pro at https://aescripts.com/automation-blocks-for-premiere-pro/
Automation Blocks for Premiere Pro includes some ready to use tools to organize the label colors in your project panel. But in this tutorial we go one step further and learn how to create a custom Automation Blocks tool, which organizes all your labels exactly according to your preferences.

Learn how to

set label colors of project items in specific bins
set label colors of project items of a particular type
set label colors of project items which contain a particular keyword
set label colors of project items whose footage file is contained in a particular folder on your hard drive
set label colors depending on whether the footage item is used or not