We built a reflective color-measuring setup using multicolor LEDs as probing light sources. The color of the test surface as illuminated by a light source with a given power spectrum can be calculated as long as the spectral reflectance of the surface has been fully characterized. In our setup, the spectral reflectance was determined by measuring the reflectivity values as illuminated by LEDs in different colors, respectively. On account of the limited number of LEDs and spectral broadening effect resulting from the finite bandwidth of LED, the measured spectral reflectance will deviate from the real one to some extent. We developed an effective calibrating procedure to reliably reconstruct the spectral reflectance from discrete reflectance values. The resulting spectral reflectance was found to be free from the spectral-broadening effect due to the finite bandwidth of LED and will give a more accurate prediction in the color coordinate value.