Yes, Text::Balanced will work (and it is a core module since 5.7.3).

Code:

#!/usr/bin/env perl

use strict;
use warnings;

use Text::Balanced qw/
    extract_multiple
    extract_quotelike
/;

my @data = (
q{50 0 "R0 G255 B0 A255" "Solid" 118 1 "R0 G0 B0 A255" "R0 G0 B0 A255"
+ 0},
q{70 0 "R0 G255 B255 A255" "Solid" 118 1 "R12 G12 B12 A255" "R12 G12 B
+12 A255" 0},
);

my @extracted;
foreach my $str (@data) {
    @extracted =
      extract_multiple( $str, [ \&extract_quotelike, ], );
    print q{Input:  }, $str, qq{\n};
    print q{Output: }, qq{\n};
    print qq{\t};
    print join qq{\n\t},
      grep { !(m/^\s*$/) and length $_ > 0 } @extracted;
    print qq{\n};
}
[download]

Output:

Input:  50 0 "R0 G255 B0 A255" "Solid" 118 1 "R0 G0 B0 A255" "R0 G0 B0
+ A255" 0
Output:
        50 0
        "R0 G255 B0 A255"
        "Solid"
         118 1
        "R0 G0 B0 A255"
        "R0 G0 B0 A255"
         0
Input:  70 0 "R0 G255 B255 A255" "Solid" 118 1 "R12 G12 B12 A255" "R12
+ G12 B12 A255" 0
Output:
        70 0
        "R0 G255 B255 A255"
        "Solid"
         118 1
        "R12 G12 B12 A255"
        "R12 G12 B12 A255"
         0
[download]

Hope that helps.