The way I would do this is to add a third column containing a formula which reports on whether the second column is formatted as Red or not. I don't know if there is a built-in formula that can do this so I added one as a VBA custom function.
Once you have a column that returns either true or false for your trigger, you can convert the content to a table and use the filter dropdowns to hide the black or red rows.
The custom function is:
Code:
Function RedCell(aRng As Range) As Boolean
RedCell = aRng.Font.Color = RGB(255, 0, 0)
End Function
Once that macro is in your workbook, you can use a formula in any cell like
=RedCell(B2)