Phenolphthalein is a chemical compound commonly used as a pH indicator in acid-base titrations. It transitions from colorless to pink as the pH of a solution changes from acidic to slightly basic, making it a useful tool for identifying the endpoint of neutralization reactions. This color change occurs within a pH range of approximately 8.2 to 10.0, highlighting its role in understanding the properties of acids and bases as well as their interactions during neutralization processes.