Just create a formula rich text field and then add the formula. I have attached a sample. Do you want the label to have the color or where do you want to apply it.
My code would be
Case([Project Status],
"Green - On Track",
"<span style='display:inline-block; width:18px; height:18px; border-radius:50%; background-color:#28A745;'></span>",
"Yellow - At Risk",
"<span style='display:inline-block; width:18px; height:18px; border-radius:50%; background-color:#FFC107;'></span>",
"Red - Off Track",
"<span style='display:inline-block; width:18px; height:18px; border-radius:50%; background-color:#DC3545;'></span>",
"Blue - Complete",
"<span style='display:inline-block; width:18px; height:18px; border-radius:50%; background-color:#007BFF;'></span>",
"Purple - On Hold",
"<span style='display:inline-block; width:18px; height:18px; border-radius:50%; background-color:#6F42C1;'></span>",
"Black - Canceled",
"<span style='display:inline-block; width:18px; height:18px; border-radius:50%; background-color:#343A40;'></span>",
"Silver - Closed",
"<span style='display:inline-block; width:18px; height:18px; border-radius:50%; background-color:#C0C0C0; border:1px solid #999;'></span>",
"<span style='display:inline-block; width:18px; height:18px; border-radius:50%; background-color:#6C757D;'></span>" )