Recent developments in color magnetic particle imaging (MPI) provided additional functionalities to MPI, such as distinguishing magnetic nanoparticles (MNPs) by type or by their environmental conditions. In this work, we propose rapid TAURUS (TAU estimation via Recovery of Underlying mirror Symmetry) to achieve relaxation-based real-time color MPI. The method can successfully map the effective relaxation time constants in a relatively wide field-of-view (FOV) at frame rates exceeding 5 frames-per-second (FPS). We present the first simulation results demonstrating that rapid TAURUS is capable of generating high fidelity and high FPS color MPI images in real time.