Insect colors can be described on the basis of chromogenes or intensity of colored organic complexes or pigments available underneath the cuticular cells. Yes you can use this chart, but for comparison you have to select various combinations of natural colors which are already defined and have appropriate names. In case of insects mixed colors, shining, plane and contrasting colors are usually observed.
8. Pantone Color Selector 1000. 1993. Carlstadt, N.J., Pantone.
9. Pantone Color Survival Kit. 1995. 3 vols. Carlstadt, N.J., Pantone. (Pantone volumes intended mainly for designers and graphic artists.)
10. Ridgeway, R. 1912. Color Standard and Color Nomenclature. Washington, D.C., A.Hoen. (Classic reference, long out of print.)
11. Royal Horticultural Society. 1995. RHS Colour Chart, 3d ed. London, The Royal
Horticultural Society. (In print; standard for botanists, but has all colors in four
color fans, plastic container.)
12. Smithe, F. B. 1974. Naturalist’s Color Guide Supplement. New York, American
Museum of Natural History.
13. Smithe, F. B. 1975. Naturalist’s Color Guide. New York, American Museum of
Natural History.
14. Smithe, F. B. 1981. Naturalist’s Color Guide Part III. New York, American Museum of Natural History. (Used mainly by ornithologists.)
15. Villalobos-Domingues, C. and J. Villalobos. 1947. Atlas de Colores. Buenos Aires, El Ateneo. (Another classic color reference; text is in Spanish and English.)
The answer depends on what you are trying to do. If you are describing larval insects for an identification guide, then the Munsell color wheel will probably work. You could look at equivalents from companies that sell colored products to artists. You could look at books on photography, flower arranging, stamp collecting, or art. The description of color is important to a large number of fields.
If you want to quantify color: one approach would be to take high quality digital photographs. You will have to describe (in painful detail) the camera, lighting, and background. Then take pictures of everything. Use a program like Adobe Photoshop, and it will tell you the values for each color. It will also give you a number of choices in how to describe that color: CYMK, RGB, etc...
Be aware that each step in the process changes the color a little bit. The photograph will not be a perfect representation of the natural color. Photoshop may not be able to get an exact match with whatever system you choose. In publication, the printing process will change the color. If you give the color values to someone else and they print it using their desktop printer, the color will not be a perfect match to what the journal published. The color will change when displayed on the computer screen. The changes are small, but cumulative.