Windows implements alpha-blending for selected icons since Windows XP. If you want to achieve similar look you must draw your image with alpha blending:
public static void DrawBlendImage(Graphics canvas, Image source, Color blendColor, float blendLevel, int x, int y)
{
Rectangle SourceBounds = new Rectangle(x, y, source.Width, source.Height);
ColorMatrix MaskMatrix = new ColorMatrix();
MaskMatrix.Matrix00 = 0f;
MaskMatrix.Matrix11 = 0f;
MaskMatrix.Matrix22 = 0f;
MaskMatrix.Matrix40 = (float)blendColor.R / byte.MaxValue;
MaskMatrix.Matrix41 = (float)blendColor.G / byte.MaxValue;
MaskMatrix.Matrix42 = (float)blendColor.B / byte.MaxValue;
ImageAttributes MaskAttributes = new ImageAttributes();
MaskAttributes.SetColorMatrix(MaskMatrix, ColorMatrixFlag.Default, ColorAdjustType.Bitmap);
ColorMatrix TransparentMatrix = new ColorMatrix();
TransparentMatrix.Matrix33 = blendLevel;
ImageAttributes TransparentAttributes = new ImageAttributes();
TransparentAttributes.SetColorMatrix(TransparentMatrix, ColorMatrixFlag.Default, ColorAdjustType.Bitmap);
canvas.DrawImage(source, SourceBounds, 0, 0, source.Width, source.Height, GraphicsUnit.Pixel, MaskAttributes);
canvas.DrawImage(source, SourceBounds, 0, 0, source.Width, source.Height, GraphicsUnit.Pixel, TransparentAttributes);
}
In your case you can use SystemColors.Highlight as blendColor.