Power management in a light emitting diode (LED) system having a plurality of LED strings is disclosed. A voltage source provides an output voltage to drive a plurality of LED strings. An LED driver implements a feedback mechanism to monitor the tail voltages of the active LED strings to identify the minimum tail voltage and adjust the output voltage of the voltage source based on the lowest tail voltage. A loop calibration module of the LED driver calibrates the feedback mechanism of the LED driver based on a relationship between a digital code value used to generate a particular output voltage and another digital code value generated based on the minimum tail voltage resulting from the particular output voltage.