Try this:
Add the materials to a model. Just make squares or something and paint them with the colors you want to use.
Go to the Colors in model library.
Right click on each material and edit the name. Make sure you hit return after typing the name and close the Edit window before going to the next.
After you've edited the names of the materials click on the List menu and choose Duplicate.
Give the duplicate library a name of your choice and hit Ok.
Done.