I have created events for our association's color guard to present the colors for different and various Organisations and they are showing as Events in CiviCRM. I would like to be able to place color guard groups members in these events and track who (color guard group members) is participating in what Color guard events. I don't see a way to add group members as event participants.
if you carry out a contact search (selecting the group your interested in) and select all of the results, one of the actions you see in the actions menu will be to add them to an event (Register Participants to an event). Have you tried that approach?
Once registered you'll be able to carry out all the tracking/reporting you've highlighted.