The XML file that stores the faction information can be found in this location:

My Documents\My Games\Elemental\Race

The file is pretty easy to understand, the colors are defined in RGB values with the last being the transparency. There are some keys that are missing from the faction when you first create it but they are available at the top of the file in the ignore section.

I agree the faction editor needs fixed and have had the same problem, but hopefully this will get you through until they are able to do that.