Real spectral distributions of colours are lost whenever conversion to XYZ happens, yet some tricks may produce certain correlating characteristics of a palette.
Given a white point (x, y) in CIE xy, do the following:
Many colours could map to the non-spectral area. If they are ignored, much information concerning the palette is lost.
Currently, probably just as a characteristic to evaluate certain aspects of the atmosphere the palette creates and compare those between palettes. Still, in pieces using the palette, distribution of colours is very flexible, which affects how the illuminant will be perceived.