Pretty much correct, I would say though that the red is what the ABS is pulling back.I believe correct me if I'm wrong, the white part signifies the amount of grip available that your brakes are applied and can fully use up until the red shows. The red is braking beyond the limit of adhesion.
ABS will kick on if you go into the red if you are using ABS.
I could be wrong here, but that is what I think it is.