An illumination device and method is provided herein for controlling individual light emitting diodes (LEDs) in an LED illumination device, so that a desired luminous flux and a desired chromaticity of the device can be maintained over changes in drive current and temperature. According to one embodiment, the illumination device comprises a plurality of emission LEDs, a storage medium, an LED driver and receiver circuit and a control circuit. The storage medium may store a table of calibration values correlating forward voltage and drive current to chromaticity and luminous flux at a plurality of temperatures for each of the plurality of emission LEDs. The LED driver and receiver circuit may apply respective drive currents to the emission LEDs to produce substantially continuous illumination, and may periodically turn the emission LEDs off to measure operating forward voltages that develop across each emission LED. The control circuit may determine whether a target luminance setting or a target chromaticity setting for the illumination device has changed, and if so, may determine new respective drive currents needed to achieve the target luminance setting and the target chromaticity setting using the operating forward voltages measured across each emission LED, the table of calibration values and one or more interpolation techniques.