The hue, named Love Symbol #2, has been was inspired by the "Purple Rain" singer's custom-made Yamaha purple piano.
The instrument was originally scheduled to go on tour with the artiste before his death from an accidental drug overdose last year, reported Variety.
Prince's association with the colour purple goes right back to 1984 film "Purple Rain", which sprayed into multiple lyric references, wardrobe and vehicle choices, among others.
The news comes weeks after the release of a deluxe edition of the 'Purple Rain' album, which includes previously unreleased tracks and a long out-of-print DVD of a 1985 concert.
Laurie Pressman, vice-president of the Pantone Color Institute said, "We are honoured to have worked on the development of Love Symbol #2, a distinctive new purple shade created in memory of Prince, 'the purple one.' A musical icon known for his artistic brilliance, Love Symbol #2 is emblematic of Prince's distinctive style."
The Estate is in talks with various partners to work out collaboration deals on products that incorporate the custom colour.