HEAT morsels and 1/3 cup evaporated milk in small saucepan over low heat, stirring until morsels are melted and mixture is smooth. Remove from heat; cover with plastic wrap and set aside.
COMBINE marshmallows, remaining evaporated milk, water, salt, peppermint extract and food coloring in medium saucepan. Heat, stirring constantly, over medium-low heat, just until marshmallows melt and mixture is smooth. Remove from heat; transfer to a large bowl. Refrigerate for about 20 to 30 minutes, stirring every 10 minutes with wire whisk until slightly thickened, still fluid but not set. Gently fold in whipped topping until blended.
SPREAD half the peppermint mixture into pie shell. Dollop with half the chocolate mixture. With a knife, swirl chocolate mixture in a figure-eight pattern. Repeat procedure with remaining peppermint and chocolate mixtures. Refrigerate for 3 hours or until firm.