I bet you could using one or more of the DataTypeService. However you'll then be hitting the database, so if you're looking to do this on a page view I would find another route.

Martin, peace be upon those who follow guidance. I was able to get the label of selected value by using the following code.

@inherits Umbraco.Web.Mvc.UmbracoTemplatePage
@using Umbraco.Core.PropertyEditors.ValueConverters;
@using ContentModels = Umbraco.Web.PublishedContentModels;
@{
    Layout = null;
}
@{
    var hexColor = Umbraco.Field("themeColor");
    String colorLabel = Model.Content.GetPropertyValue<ColorPickerValueConverter.PickedColor>("themeColor").Label;
}

Preview:

This will work for Umbraco 8

        @if (Model.HasValue("yourColorPickerProperty"))
        {
            @* Include this after @inherits Umbraco.Web.Mvc.UmbracoViewPage on your Partial View *@
            @* @using Umbraco.Core.PropertyEditors.ValueConverters; *@

            var Colour = "#" + Model.Value<ColorPickerValueConverter.PickedColor>("yourColorPickerProperty");
            var Label = Model.Value<ColorPickerValueConverter.PickedColor>("yourColorPickerProperty").Label;

            <p style="color: @Colour">
                The colour is @Label
            </p>
        }

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