The black and red from the panel should be line one and two, with white as the ground. But check that with a meter. White to ground should have no voltage. Red or black to ground should be 120-volts, and black to red should be 240-volts. The white to ground with the breaker off should be a closed circuit with minimal resistance, red and black to ground should have infinite resistance. Check for shorts to ground, and a good ground before wiring anything up, or turning on power.
Your pump leads are typically yellow and blue, but that isn’t code, just a normal practice in the pump industry. (Had a long discussion with an Electrical Engineer about it a couple of weeks back). You have NM 2 plus ground thus a black, a white and a bare ground. Before you wire anything up, check the winding resistance. Meyers got bought out, by Pentair, but the age still selling Myers as a brand, and the last time I called tech support, the older guy who answered the phone could give me the winding resistance for a pump in about your age range. You should have some added resistance from the lead wire to the pump, but, if you’re off more than 10% from what the tech support says, the pump is probably toast, and there is a reason it is disconnected.
Tech support should also be able to tell though the amp draw of the pump. You need to check that to be sure the pump is running right.
If you are confused by an of this, you need to call an electrician.