Step 1:

First to go http://battlelog.org find a randome server and connect to it.

Might be a good idea to find one with some people playing in it. - Show you can see if its work ;)

Step 2:

When you joined a server friend one of your team mates, and see if he/she got this color over her head. If they don't try a new server, because then you joined a server with deactivated "Name Tags".

If not continue this tutorial :)

Step 3:

Now click on the "ESC" button on the Keyboard.

And choose "Options".

Step 4:

Then you will get this Option Control Panel up.

Now choose "Video". - Just like on the image below

Step 5:

Now if the left, bottom of the screen you will see a option called "Colorblind Support" click on the right arrow to turn it on.

Step 6:

Just like this, then click on the "Back" button on the screen.

Step 7:

Then it will ask you if you are sure, you want to save those settings. And you just click "Yes" to it.

Step 8:

And now we're back in the "Game Menu" - Click on the "Resume" button to continue the game.

Step 9:

Now your game should look like this on the image below.

As you can see the Enemy tag name is Red, and my dead mate on the right is yellow.

Enjoy ;)

Update: Colorblind mode works for console now.