The organization of scrap supplies is NOT one size fits all. You have to find what works for you, usually through trial and quite a bit of error, then make a plan and stick to it. Make sure it's something you can keep up on and follow its logic.
As for me, I organized all my patterned paper by manufacturer:
and my cardstock by color: (using ROY G. BIV) If you're unfamiliar with Roy, you obviously didn't have Mrs. Leonard for elementary art. :)
R- red
O- orange
Y- yellow
G- green
B- blue
I- indigo
V- violet
After V, I go to pink, tans, browns, blacks, and whites.
I have ribbon sorted by colors as well:
then a separate tub for flowers:
one for blingy thingies, rubons, letter and number stickers, and finally, one labeled "random embellishments" for things I just didn't know what to do with! (This one is currently overflowing, so it's time to shift a few things around...)
How do you organize your space? Do you use a label maker? What's your key to sorting and keeping things in their place?