yep, this is how i made the event:
player on collision with EnemyProjectile >>>
Set effect "SetColor" parameter 0 to 20
Set effect "SetColor" parameter 1 to 255
Set effect "SetColor" parameter 2 to 20
player Enable effect "SetColor"
Wait 0.1 seconds
player Disable effect "SetColor"
Are you using Construct 2? Because I thought you were talking about the set color action in Construct 3, which applies a tint.