The consultation, which ends on February 8, considers two proposals - a multiple traffic light scheme and a colour guideline daily amount scheme.
The chosen scheme will initially appear on ready meals, pies and pizzas.
Deirdre Hutton, FSA chair, said: "What we choose to eat is a personal matter, but we want to help people make informed choices for themselves about the content of their food.”
“Consumers have told us that they would like to make healthier choices but find the current information confusing. After carrying out rigorous and comprehensive research, we now have the makings of a system that will make it quicker and easier for people to do so."