HSV color explained here
HSV color space is inspired by how humans perceive colos and scenes. Whereas RGB colorspace makes it easier for computers to read and write and perform mathematical operations upon it like linear algebra etc.
Hue is the actual color. You can think like actual wavelength which emits out from the object. Changing this makes chages in color like Red to Green to Blue.
Saturation defines the purity of color. This means amount of gray mixed the Hue. Changing this changes crispness of the color.
Value defines the intensity of the color. Basically it is amount of black or white mixed with Hue. Changing this changes the intensity of the color.
You can convert rgb to hsv colorspace