Starting with the title "the masque" the word masque is spelt this way and symbolizes the word mask as In a ball or party. also "the red death" because red stands for death and the story is about a ball that ends in everyone dying. Therefore the title basically can tell you what the story is about.
Also with the colors of the different colors of the rooms , these colors stand for the stages of life. The first room is blue meaning birth and the last room is violet standing for death. In the story when they are talking about the seventh room it states "the panes