A system and method for performing color correction based on physical measurements (or estimations) of color component spectra (e.g. red, green, blue color component spectra). A color correction system may comprise a spectrum sensing device, a color calibration processor, and a calculation unit. The spectrum sensing device may be configured to measure color component power spectra for pixels generated by one or more display devices on a display surface. The color calibration processor may receive power spectra for a given pixel from the spectrum sensing device and compute a set of transformation parameters in response to the power spectra. The transformation parameters characterize a color correction transformation for the given pixel. The color calibration processor may compute such a transformation parameter set for selected pixels in the pixel array. The calculation unit may be configured to (a) compute initial color values for an arbitrary pixel in the pixel array, (b) compute modified color values in response to the initial color values and one or more of the transformation parameter sets corresponding to one or more of the selected pixels, and (d) transmit the modified color values to the display device.