Node reference field display
After a lot of research i finally solved my problem. I don't know if this is the best way of doing it but it works for me.

I added a THEME_field() function to my template.php of the desired field.

Inside my template function i removed the even/odd css classes because i want all in a single line.
Probably exists a better way to access field values, this was the solution i found. Digging the $item array i was able to get my code and color description values.

If someone knows a better way of doing this please help me improve it.
There goes the code i hope it helps someone else.
Don't forget to replace THEME by your theme name and the FIELDNAME.

function THEME_field__FIELDNAME($variables) {
$output = '';

// Render the label, if it's not hidden.
if (!$variables['label_hidden']) {
  $output .= '&lt;div class="field-label"' . $variables['title_attributes'] . '&gt;' . $variables['label'] . ':&amp;nbsp;&lt;/div&gt;';
}

// Render the items.
$output .= '&lt;div class="field-items"' . $variables['content_attributes'] . '&gt;';
$codes = "";
$colors ="";
foreach ($variables['items'] as $delta =&gt; $item) {

    $code = $item['field_color_description']['#object']-&gt;title_field['und'][0]['value'];
    $color = $item['field_color_description']['#object']-&gt;field_color_description['und'][0]['node']-&gt;title;

    $codes .= $code."/";
        //avoid repeated color descriptions
        if (strpos($colors,$color) === false)
        {
        $colors .= $color."/";
        } 
     }
     $classes = 'field-item even';

     $codeAndColors = rtrim($codes,"/") . " ". rtrim($colors,"/");
     $output .= '&lt;div class="' . $classes . '"' . ' title="'. $codeAndColors.'" '. $variables['item_attributes'][$delta] . '&gt;' . $codeAndColors . '&lt;/div&gt;';
     $output .= '&lt;/div&gt;';

     // Render the top-level DIV.
     $output = '&lt;div class="' . $variables['classes'] . '"' . $variables['attributes'] . '&gt;' . $output . '&lt;/div&gt;';

     return $output;


}