As Odin_aa said, color management is a VERY complex topic. First of all, take heart. I have exactly the same printer you do, and the results are excellent once you set things up properly. To get started, you need the full set of color profiles for the printer and the papers you use. These are available at the Epson site for your printer. I use their Premium Glossy Photo Paper (I am not at home, so I can't check this name, but it is their top end photo paper) and got a color profile for that printer using that paper.
Next, you need a color management aware software package such as Photoshop to really excel here. If you don't you may need to tinker with printer driver settings until you get something that you are reasonably happy with. If you do have Photoshop, I would strongly recommend you go out and get Scott Kelby's "Photoshop CS2 Book for Digital Photographers". This excellent book has a whole chapter on color management (about which whole BOOKS have been written, but Kelby covers the highligts well in his book) and includes a complete recipe for nearly faultless color reproduction in prints. The kicker is that his examples use Epson printers, so you will find it very, very helpful.
Good luck.