AbstractPolymer membranes of a copolymer ligand (L) coordinated to tetra‐coordinated N,N'‐ethylene bis(salicylideneiminato) cobalt(II) at the fifth coordinating site of the center cobalt(II), Co(II)S‐L, are prepared to measure colorimetrically the color changes in response to rapid reversible oxygen binding simultaneously with slow oxidation under moist conditions to yield Co(III)S‐L. The chromaticity point observed in CIELAB is the endpoint of the vector sum of the unit vectors for Co(II)S‐L, O2‐Co(II)S‐L, and Co(III)S‐L, scaled by their respective abundance ratios: (1 − m)(1 − n), m(1 − n), and n, where m is the ratio of O2‐Co(II)S‐L to the sum of Co(II)S‐L and O2‐Co(II)S‐L and n is the ratio of Co(III)S‐L to the total of the three cobalt complexes. The observed limited area in CIELAB as a stoichiometric Euclidean space is supported by the following two different reaction processes of the polymer membranes: an oxygen‐binding reaction under several different partial pressures of oxygen supplied to the membranes in a short period, during which oxidation of the cobalt(II) complexes is negligible, and an oxidation reaction over a long period at a constant partial pressure of oxygen. The chromaticity points in both processes progress linearly in three different two‐dimensional coordinates: a*b*, a*L*, and b*L*.