Yes The menu selection color is the same as setting the start menu highlight color (if you had seen that in a search attempt).
The "selection" color or highlight color and menu font color are controlled by a registry setting in the device. If you are not comfortable editing the registry or don't know how to make a back-up of it do not proceed!
Navigate to HKLM\System\SysColor. The value found there is a long sequence of hex-values for the various display elements. Each element consists of the Red-Green-Blue color pairs of letters/numbers and a "00" which serves as a separator. For example, 00 00 00 00 = black, FF FF FF 00 = white.The menu font color is at index 7 (beginning at 0).
The highlight color is at index 13 (beginning at 0).
The menu font color for highlighted text is at index 14 (beginning at 0).
Change the color at these position by editing the RGB hex values. I think you will have to soft-reset to see the changes.