I think you want the Cartesian product, not a permutation, in which case itertools.product
can help:
>>> from itertools import product
>>> d = {'Color': ['Red', 'Yellow'], 'Size': ['Small', 'Medium', 'Large']}
>>> [dict(zip(d, v)) for v in product(*d.values())]
[{'Color': 'Red', 'Size': 'Small'}, {'Color': 'Red', 'Size': 'Medium'}, {'Color': 'Red', 'Size': 'Large'}, {'Color': 'Yellow', 'Size': 'Small'}, {'Color': 'Yellow', 'Size': 'Medium'}, {'Color': 'Yellow', 'Size': 'Large'}]