Use a negative lookahead to match all the commas which are not inside the parenthesis. Splitting the input string according to the matched commas will give you the desired output.
,\s*(?![^()]*\))
>>> import re
>>> s = "Water, Titanium Dioxide (CI 77897), Black 2 (CI 77266), Iron Oxides (CI 77491, 77492, 77499), Ultramarines (CI 77007)"
>>> re.split(r',\s*(?![^()]*\))', s)
['Water', 'Titanium Dioxide (CI 77897)', 'Black 2 (CI 77266)', 'Iron Oxides (CI 77491, 77492, 77499)', 'Ultramarines (CI 77007)']