To 1. Yes, there is. We could convert color from hsb to rgb color model and list color specifications by the \extractcolorspec command from the xcolor package.
To 2. Yes, there is a marginal difference in brightness (hsb), after conversion, there is a marginal difference in red and blue (rgb), please see the first half of the example below.
I enclose an example with wave colors 377, 380, 400, 600 and its preview.
\documentclass[a4paper]{article}
\pagestyle{empty}
\usepackage{xcolor}
\usepackage{pgffor}
\begin{document}\bfseries
\foreach \mcolor in {377,380,400,600} {
\definecolor{SEviolet}{wave}{\mcolor}
\colorlet{malviolet}[rgb]{SEviolet}% from hsb->rgb
\color{SEviolet} Hello World!\par
\extractcolorspec{SEviolet}{\malcolor}
Color specification \mcolor\ (hsb): \malcolor\par
\extractcolorspec{malviolet}{\malcolor}
Color specification \mcolor\ (rgb): \malcolor\par\medskip
}% End of \foreach...
\end{document}
