The first step is to choose what profiles you want to use for you RGB and CMYK working color spaces, and the profiles for your peripherals (monitor, printer, etc). Make sure these are available in a known location on your hard-drive or better yet, copy them to the OS's color folder so that all applications can see them.
 
If you are not sure what color profiles to use, Adobe RGB is a good all around profile to use for the RGB working space as it is well suited for both printed output and photo editing. For a CMYK working space it is probably best to stick with one of the industry standard CMYK spaces for your region. In Europe this may be the standard ISO_Coated or ISO_Uncoated profile... for North America you might use one of the SWOP based profiles like US Web Coated (SWOP) v2 or US Sheetfed Coated. For the purposes of this tutorial I’ll use Adobe RGB for the RGB working space and US Web Coated (SWOP) v2 for the CMYK working space.
Color profiles are usually stored in the OS locations listed below:

Windows XP / Vista -> Windows/System32/spool/drivers/Color
Mac OS (ColorSync 2.6 or later) - > System Folder: ColorSync Profiles folder

**On the Mac, you may need to copy monitor profiles into a separate "Display" folder if there is one.

** Note ** If PhotoShop is on the same system, use the identical monitor profile in both Draw and Shop. If you are using the two apps on separate computers (or have different video cards, or monitors), you will need to create custom monitor profiles for each system in order to get the on-screen displays to match... even if the monitors are the same make and model the phosphors could be slightly different.
 
Matching Display
PhotoShop Color Setup
(Illustrator is similar):
 
1. Set your monitor profile (PhotoShop uses the OS's device profiles).
PC version- Control Panel -> Display -> Settings tab -> click the Advanced button -> Color Management tab
-- Click the Add button so you can browse to where your desired Monitor profile is stored.  If there is no profile selected, you will need to add one in order to match with Draw.
-- Click the Set as Default button
-- Click OK

Mac version - System Preferences -> Displays -> Color
-- If you have copied your profile to the correct folder you should be able to select it from this list

2. Set PhotoShop's color settings.
PhotoShop PC - Edit -> Color Settings
PhotoShop Mac - PhotoShop -> Color Settings
3. Enable the Advanced Mode checkbox. Newer versions will have a button called More Options instead of Advanced Mode.

4. Next you need to choose your RGB working space profile. Click on the RGB profile selection combo-box, scroll to the top of the list and select Load RGB. Now point to the location of your desired Internal RGB Profile (in this example I will use Adobe RGB since its installed into the OS color folder by default with Shop).

5. Next you need to choose your CMYK working space profile. Click on the CMYK profile selection combo-box, scroll to the top of the list and select Load CMYK. Now point to the location the CMYK printer Profile that you will be using for output (in this example I will use US Web Coated (SWOP) v2 profile).

6. For now, turn off the Color management policies for RGB and CMYK. This way the color won't be converted from any embedded profiles when the file is opened and cause the colors to appear different. If there is interest I’ll get into embedded profiles in a later tutorial as that subject can get a little complicated since the methods are quite different between Draw and Shop for the "Use Embedded profile" scenario.

7. Select the Adobe Color Engine.

8. Change the Rendering Intent to Perceptual.

9. Disable "Use Black Point Compensation" and "Use Dither" options, then click OK.


Draw/Paint Color Setup:
1. Start a new document.

2. Tools, Color Management, change the Color mode for effects to RGB.

3. Double click on the internal RGB icon (the RGB circles) and change the Rendering Intent to Perceptual.
 
Note -> It is recommended that you use the same color engine in both apps when possible. The only CMM that is common between Shop and Corel is ICM (Microsoft's CMM), or the Adobe CMM if you install it separately (free download from www.adobe.com). But even if you use the Adobe CMM in Shop and Kodak in Draw, you will see only a negligible difference and the printed output color values are extremely close... definitely acceptable.

4. Click on the profile selection combo-box for Internal RGB (under the RGB circles) and select the same profile used in PhotoShop (Adobe RGB in my example). If it's not in the list already, use the Get Profile from disk feature to browse to the profile location and install it.

5. Click on the profile selection combo-box for Separations Printer profile (under the left printer icon) and select the same profile we used for the CMYK working space in PhotoShop US Web Coated (SWOP) v2.

6. Click on the profile selection combo-box for Monitor profile (under the monitor icon) and select the same profile used in the OS Display settings (set in Step 1 of the PhotoShop color setup steps).
 
7. Enable the arrows from the Internal RGB icon to the Monitor icon. This will turn on monitor compensation. Adobe products are setup to do monitor compensation using the color profile set in the OS Display settings... so this is an unnecessary step in Shop.
8. Click the + button at the top of the dialogue to save the style.

9. Click OK.

You’re done! Both apps should now have matching display of RGB and CMYK colors on screen.
 
Matching display of Printer Simulation
If you want to see a simulation or "soft proof" of what your printed output is going to look like from Shop and Draw, there are a few more steps that you need to do.
 
PhotoShop Setup
1. View -> Proof Setup, select Custom.
 
2. For Device to simulate, choose the color profile for your printer that you wish to simulate. You should be able to find the color profiles on the driver disk that came with the printer. If not, contact the manufacturer.
 
3. Choose "Relative Colormetric" for the rendering intent and check the "Simulate Paper color" option, then click OK.
 
4. View -> Enable Proof colors.
 
If you want to turn printer simulation off, just click on View -> Proof colors once again.
 
Draw/Paint Setup
1. Tools, Color Management
 
2. Click on the profile selection combo-box for Composite printer profile (under the printer icon) and select the same profile used for proofing in Step 2 of the PhotoShop setup.
 
3. Turn on the arrow from the Internal RGB icon -> Composite Printer icon -> Monitor icon. This turns on printer simulation or "soft proofing".
 
4. Click OK.
 
If you want to turn printer simulation off, just turn on the arrow from Internal RGB to the Monitor icon again.
 
 
Matching Printed Output
Driver - based color management for printing
When printing, you will need to decide if you are going to let the printer handle color management or take control yourself and do the color management on the application side. If you are printing to non-postscript or GDI printers it might be easier to just let the printer handle the color management. For this "driver based" color management method, just make sure that you disable color management when printing from PhotoShop or Draw so that no double conversions take place that could degrade your colors.
In PhotoShop in the color management section of the Print dialogue just select the "Printer handles colors" option before you print.
In Draw or Paint, click on the Misc tab in the Print engine and uncheck the "Apply ICC profile" option before you print.
Note-> Each printer driver handles colors differently and may have different color management policies pre-set so it may be difficult to get the same output on different printers.
 
Application based color management
I prefer the control and predictability of application based color management on output. If you choose this route, make sure that you go the the Printer’s driver settings and disable any color management settings in there so no double conversion takes place. Each printer driver uses different terminology and settings so you may need to dig a bit before you find it. For example, for some Canon printer drivers you would to go to the driver settings, choose Advanced settings -> Color Settings -> Matching and select OFF.
When you print in PhotoShop select the "PhotoShop handles colors" option, and choose the correct color profile for your printer (if its not there you will need to find one and install it). Select the Perceptual rendering intent and disable Black Point compensation since Draw does not have this option. Note -> Draw should already be setup with the perceptual rendering intent from the Display matching exercise above... the main thing is that the same rendering intent is used in PhotoShop and Draw.
Choose the same printer profile in Draw's color management dialogue from the Composite printer profile selection combo-box. In Draw's print dialogue you should be able to see the printer profile being used when you go to the "Misc" tab. Ensure the Apply ICC profile option is checked before printing.
 
I hope you find this guide helpful!
 
Matt