The W3C Techniques For Accessibility Evaluation And Repair Tools says:
Two colors provide good color visibility if the brightness difference and the color difference between the two colors are greater than a set range.
Color brightness is determined by the following formula: ((Red value X 299) + (Green value X 587) + (Blue value X 114)) / 1000 Note: This algorithm is taken from a formula for converting RGB values to YIQ values. This brightness value gives a perceived brightness for a color.
Color difference is determined by the following formula: (maximum (Red value 1, Red value 2) - minimum (Red value 1, Red value 2)) + (maximum (Green value 1, Green value 2) - minimum (Green value 1, Green value 2)) + (maximum (Blue value 1, Blue value 2) - minimum (Blue value 1, Blue value 2))
The rage for color brightness difference is 125. The range for color difference is 500.