Since you're writing sub-figure captions and references manually, my suggestion would be to use a macro like the following:
\newcommand{\figref}[2][]{% \figref[<sub-figref>]{<figref>}
\textcolor{ocre}{\bfseries\emph{\figurename\,\ref{#2}#1}}}
This allows you to use \figref{<figref>}
to reference full figures, or \figref[(b)]{<figref>}
(say) to reference sub-figures.
Here's a complete minimal example:

\documentclass[dvipsnames]{article}
\usepackage{xcolor,graphicx}
\usepackage{caption}
\DeclareCaptionLabelFormat{mycaplabelformat}{#1\,#2}
\captionsetup[figure]{%
font={color=red!70!black,bf,it},
labelformat=mycaplabelformat}
\renewcommand{\figurename}{Fig.}
\newcommand{\figref}[2][]{% \figref[<sub-figref>]{<figref>}
\textcolor{red!70!black}{\bfseries\emph{\figurename\,\ref{#2}#1}}}
\newcommand{\subfigfont}{\small}
\begin{document}
\begin{figure}
\centering
\begin{tabular}{@{}c@{}}
\includegraphics[width=100pt]{example-image-a} \\
{\subfigfont (a) first}
\end{tabular} \qquad
\begin{tabular}{@{}c@{}}
\includegraphics[width=100pt]{example-image-b} \\
{\subfigfont (b) second}
\end{tabular}
\caption{Some caption}
\label{fig:label}
\end{figure}
\verb|\ref{fig:label}|: \ref{fig:label} \par
\verb|\figref{fig:label}|: \figref{fig:label} \par
\verb|\figref[(b)]{fig:label}|: \figref[(b)]{fig:label}
\end{document}
You may have to make some adjustments to the formatting. However, consistency is the key and wrapping content inside a macro allows you to change things later, if needed.
\textit
or\it
,\bfseries
or\bf
, etc. and Will two-letter font style commands (\bf
,\it
, …) ever be resurrected in LaTeX? – Werner Apr 14 '15 at 20:05subcaption
? Or are you manually writing both the sub-figure captions and their references? – Werner Apr 14 '15 at 20:07