This was just meant to be a fun Blender project but it seems like alot of people would like to know how i did it. And I have no problem with sharing how i made it. First of all, create an object in this case I used a uv sphere and added a particle system to it. I added all the colors of the rainbow to the original sphere and then used it as my object in the particle system. Added some stars and mist and made it seem like a space scene by making the background black.

I would play around with the settings untill you are happy. Have fun and Happy Blending..