Meaning – The term palette, refers to to the full range of colors that can be displayed on a devicescreen or other interface, or in some cases, a collection of colors and tools for use in paint and illustration programs. The color palette reveals a lot about the electronic design of the device or technology and its visual capabilities for human users.
Early color palettes used hexadecimal values to represent and select the array of colors possible in the display systems. Modern color palettes are more likely to show users a color wheel or sophisticated color selection tool to choose from a wide variety of hues and shades of color.
Example of usage – “Early examples include the Teletext format with a three-bit RGB eight-color palette and the Apple II personal computer with a 16-color palette.”