The Collaborative International Dictionary of English v.0.48:

Rose-colored \Rose"-col`ored\, a.
   1. Having the color of a pink rose; rose-pink; of a delicate
      pink color.
      [1913 Webster]

   2. Uncommonly beautiful; hence, extravagantly fine or
      pleasing; alluring; as, rose-colored anticipations.
      [1913 Webster]

WordNet (r) 3.0 (2006):

rose-colored
    adj 1: reflecting optimism; "a rosy future"; "looked at the
           world through rose-colored glasses" [syn: rose-colored,
           rosy]
    2: having a rose color [syn: rose-colored, rosy-colored]