What are the color and type specifications of this ribbon?

This ribbon is black and uses thermal transfer type specifications.

Which printer models is the Dataproducts R5110 compatible correctable ribbon designed for?

It is designed for use with IBM models including 5223, 6746, 6747, 6779, 6781, 6783, 6784, 6785, 6787, 6788, and several Wheelwriter, Wheelprinter, and Superelectric models, as well as Lexmark Personal Wheelwriter II, Wheelwriter 15 Series II, Wheelwriter 30 Series II, Wheelwriter 70 Plus Series II, and Panasonic FX1800TS, Jetwriter, and KX-E series models.