In this rendetion of the reaction the color change is due to the ferrous phenothroline to ferric phenthroline complexes. Phenanthroline is a nitrogen containing ring compound that forms colored complexes with iron.
As the ferrous complex, which is red, is oxidized to the ferric complex, a bright blue, the dramatic color change occurs. This redox step is therefore monitored by the color change of the complex. There are two such steps in the mechanism. Furthermore, the molecule malonic acid takes part in the oxidation-reduction step after being brominated. There is loss in this step and varying production of bromide ion. This complexity leads to irregularity in the oscillations.
Scott, Stephen K., Chemical chaos, Oxford University Press, (1993). Chapter 8.