Optimized color codecs and methods of compressing and decompressing color images using programmable color space parameters are provided. In accordance with one method of encoding a color image, input data comprising input image pixel data and color space parameters is provided. The input image pixel data is compressed based on the color space parameter data. The color space parameter data is then appended to the compressed image pixel data. In accordance with one method of decoding a compressed color image, compressed data is provided that comprises compressed image pixel data and color space parameters. The color space parameters are separated from the compressed image pixel data. The compressed image pixel data is then decompressed based on the color space parameters.
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