That is pretty easy. I use that for pump indication on HMI screens.
First, create a multistate that is a colored rectangle in appearance, select red for off state, green for on state etc.
Then make a text expression with no backgraound that has the appropriate text for the 2 states and put it over the top of the multistate.
On my pump screens I use "Stopped" and "Running" for example.
Just be sure they are pointing to the same discrete sigbnal and you should be good to go.