Unless someone knows Premiere and the effect you mention it is hard for someone to comment. Try to be specific about what you are trying to do and maybe then someone can point you in a certain direction. For example, "which allows you to color grade particular part of a clip" could mean a lot of things.
I know Vegas had an effect it called secondary color correction. the particular part of the clip it isolated was a selection of a specific color and then tweaking that. Along those lines, Hitfilm has a color adjustment effect which allow you to isolate a color and then adjust the Hue, saturation and lightness of that isolated color selection.
Try either of Hitfilm's Color Correction Wheels or YUV Color Correction effects.