<select ng-model="color" ng-options="(c.name+' '+c.shade) for c in colors"></select>

function MyCntrl($scope) {
  $scope.colors = [
    {name:'black', shade:'dark'},
    {name:'white', shade:'light'},
    {name:'red', shade:'dark'},
    {name:'blue', shade:'dark'},
    {name:'yellow', shade:'light'}
  ];
  $scope.color = $scope.colors[2]; // red

}