This paper presents an approach to extract accurate color edge information using encoded patterns in hue, saturation, and intensity (HSI) color space. This method is applied to one-shot shape acquisition. Theoretical analysis shows that the hue transition between primary and secondary colors in a color edge is based on light interference and diffraction. We set up a color transition model to illustrate the hue transition on an edge and then define the segmenting position of two stripes. By setting up an adaptive HSI color space, the colors of the stripes and subpixel edges are obtained precisely without a dark laboratory environment, in a low-cost processing algorithm. Since this method does not have any constraints for colors of neighboring stripes, the encoding is an easy procedure. The experimental results show that the edges of dense modulation patterns can be obtained under a complicated environment illumination, and the precision can ensure that the three-dimensional shape of the object is obtained reliably with only one image.