Frequency estimation of a single sinusoid in colored noise has received a considerable amount of attention in the research community. Taking into account the recent emergence and advances in compressive covariance sensing (CCS), the aim of this work is to combine the two disciplines by studying the effects of compressed measurements of a single sinusoid in moving-average (MA) colored noise on its frequency estimation accuracy. CCS techniques can recover the second-order statistics of the original uncompressed signal from the compressed measurements, thereby enabling correlation-based frequency estimation of single tones in colored noise using higher-order lags. Acceptable accuracy is achieved for moderate compression ratios and for a sufficiently large number of available compressed signal samples. It is expected that the proposed method would be advantageous in applications involving resource-limited systems such as wireless sensor networks.