First, Dennett might better be called an material eliminativist. From WP:
The most common versions are eliminativism about propositional attitudes, as expressed by Paul and Patricia Churchland, and eliminativism about qualia (subjective interpretations about particular instances of subjective experience), as expressed by Daniel Dennett, Georges Rey, and Jacy Reese Anthis.
You say:
If the subjective experience of the color red (a mental phenomenon) is actually a physical phenomenon, the interaction of light, eyes, brain and so on, then it must exist in space and time. Why? Because everything physical exists in space and time, including light, brain, eyes and human body. That's what being physical means.
Mental representations do not exist spatiotemporally in the third person; only the media that carry them do. This is "if a tree falls in a forest, does it make a sound?" territory. According to a typical argument, there are atmospheric disturbances, but the brain is somehow connected to constructing and providing subjective qualia that are supplied by auditory perception. There is physical sound and experiential sound, and you can have one without the other. A completely deaf person is incapable of having auditory perceptions, and a schizophrenic who has auditory hallucinations has auditory perceptions and where no physical sound exists.
In reductionism, one often hears the language supervenience, dependence, and grounding (SEP), so it's important to understand a bit about the terminology. From the article:
The core idea of supervenience is captured by the slogan, “there cannot be an A-difference without a B-difference.” It is important to notice the word ‘cannot’. Supervenience claims do not merely say that it just so happens that there is no A-difference without a B-difference; they say that there cannot be one. A-properties supervene on B-properties if and only if a difference in A-properties requires a difference in B-properties—or, equivalently, if and only if exact similarity with respect to B-properties guarantees exact similarity with respect to A-properties.
This in no way implies that A and B are of the same thing. If A is objective and physical and B is subjective and mental, changes in A not only correlate to changes in B, but necessitate them in some sense. There is no claim inherent to the idea that the mental reduces to the physical that says, the mental is in some way COMPOSED of the physical. And that's where your presumptions seem to lie. It sounds as if you believe that if an auditory experience starts with physical sound, and reduces to physical sound, it is composed in some sense of physical sound. That is not a view you can attribute to reduction.