According to the MySQL manual:
If you want to get all possible values for a SET column, you should use: SHOW COLUMNS FROM table_name LIKE set_column_name and parse the SET definition in the second column.
So bacically you'll want to do something like this:
show columns from test;
+-------+--------------------+------+-----+---------+-------+
| Field | Type | Null | Key | Default | Extra |
+-------+--------------------+------+-----+---------+-------+
| col1 | set('val1','val2') | YES | | NULL | |
+-------+--------------------+------+-----+---------+-------+
1 row in set (0.00 sec)
And in your mysql result set you'll parse the field Type to get all information inside the (), then break it up by the comma's now you should have a list of all values that can be used.