I do something very much like this. I went to Hobby Lobby and purchased a couple packages of multi colored foam sheets. I find the color that coordinates with the bag and cut out a decent sized rectangle. On the rectangles I use a special marker that writes on foam. I jot the name of the bag. Then I use a safety pin and fix it onto the dust bag. Then I store them by color, separating fall/winter from the spring/summer so I can at least know which closet to go to, to grab a bag. I store them on racks in our large walk in closet as well as another walk in closet in a spare bedroom. I can find them very easily, since the big foam piece on the bag helps me find the color I'm looking for.
Now here's where I admittedly get really compulsive. I keep a pic file of all my bags, sorted by color and download the pics to my I phone. So when I'm getting ready, I take a look at my black bags, or pink ones or red, or whatever goes best with what I'm wearing, and then go to grab it, which is so much easier now that I used the foam tags in the coordinating color.
Since I started doing this, I also take the Iphone pic and make the bag I am wearing that day my phone's wallpaper.
Yep, call me scarface. I'm an addict.....



Pretty soon I'll be cutting up leather on a mirror and snorting it up my nose with a straw. LOL