This image represents HSL (not HSV, white - S = 0 in HSV), with S at 100%, H on the horizontal axis and L on the vertical axis. (The grayscale gradient is S = 0) You can use the transformations http://www.bobpowell.net/RGBHSB.htm and just iterate over all the pixels in your rectangle.
Like a simple eyedropper palette, it gives you fully saturated colors (and gray, with a bit to the right).
The Windows color picker allows you to map S along the vertical axis (with L = 50%) in a large square, resulting in a gray bottom having a separate slider for L. This is less useful as a color picker palette. Another widely known color picker is the circle with a hue around the circle and saturation as a radius (usually this puts white in the center, using HSV with V = 100 and a separate slider for the value)
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