How I find it easier to manage than the method provided by lukeA is to use rgb (). You can specify the color (from node, node frame, edge, etc.) through four channels: R, G, B and A (alpha):
library(igraph) set.seed(1) g <- barabasi.game(200) plot(g, vertex.color = rgb(0,0,1,.5), vertex.label.color = rgb(0,0,0,.5))

Another advantage is that you can easily change the alpha (or color) to fit the vector. The example below is not entirely practical, but you understand how this can be used:
library(igraph) set.seed(1) g <- barabasi.game(200) col.vec <- runif(200,0,1) alpha.vec <- runif(200,0,1) plot(g, vertex.color = rgb(0,0,col.vec,alpha.vec), vertex.label.color = rgb(0,0,0,.5))

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