There are lots of systems....outgrowths of that early "Colour Me Beautiful" thing. Here's one: http://12blueprints.com
Before joining this forum I actually had my colours "done." And I'm not entirely sorry I did. It turns out that I was already gravitating pretty naturally towards colours that looked good on me. But the analyst reminded me of a whole family of colours that are among my best and that somehow I'd been neglecting (plums and orchids). So that was a good discovery.
Overall, though, I find the evidence of my own eyes is the best way to judge. As Sveta says, it's pretty obvious when you find colours that light you up. You will look almost as if you are wearing a bit of makeup even when you are not. Whereas other colours will drain you, make you look more tired and worn out.
The warmth or coolness of our skin's undertones is usually the deciding factor, but that can be very confusing for someone who is just beginning to think about colour. However, if you look at the veins in your wrist you might get a clue -- if they are blueish you probably have a cool toned skin and will look better in cooler colours (those with a blue undertone). And if they are greenish then you may look better in warmer-based colours (those with a yellow undertone).
But Sveta's right - no COLOUR is ruled out, per se. It's all about the tone. For example, you can have a blue-red (cranberry) which will look great on a cooler toned complexion; an orangey red (coral) that will look fabulous on a warmer toned complexion and a more neutral red (true red) that could potentially work on either (or not, depending on whether the person is able to wear that level of intensity and saturation.)
Having said that, as a very cool-toned person, I've never met a yellow that I could wear successfully near my face. (Too bad, because I love yellow and gold!!)
One easy trick is to examine the inside of your lips -- that will be a good red or pink for you. The colours in your eyes are often good on you. You can pick up your hair colours in your clothing (and don't assume your hair or eyes are one colour - they're usually a mixture).
For example, you'll notice that Angie looks great in cream (see her in her coat in the cover photo here). The colour picks up and echoes the lighter tones in her hair beautifully and also her bright teeth and eyes. In general, she looks great in clear brights.
Forum member Shannon wears a lot of black and white -- which look terrific with her salt and pepper hair.
One of my core neutrals is taupe, which is a cool grey-brown, that picks up the charcoal/brown darker notes of my own "dirty" blonde hair. I also look good in most mid toned blues like denim (I have dark blue eyes) and in orchids and cranberry red. What I DON'T look good in is very pale versions of those colours (too washed out) or in neon brights (too intense for my soft colouring). It is important for me to get the right intensity. Too strong and pure a colour will wash me out.