LED types by color, brightness, and chemistry (2021)
donklipstein.com
donklipstein.com
I recognize that sRGB will never be able to do a perfect job, but it seems like it has to be possible to do decently well.
(What do I need this for? I design electronics. I use LEDs as indicators. I like to show the true color of the LED in my schematics and documentation, as best I can. And I try to never use the same color twice, in small and bespoke things, so there's less risk of indicator confusion, which means I've often got a lot of funny colors around.)
Coming up with a matching color by hand can give a decent result, so this is not solely sRGB being crap.
Using those in images however would be another can of worms, you'll need some kind of physics-based rendering with good HDR tone mapping, as the human perception of light-emitting object against reflective background is highly non-linear.
For your use case it would probably be better to develop a standardized testing setup and just take RGB or XYZ coordinates from an image taken with a calibrated camera. Something like this:
* "standard gray" material surface
* a hole for LED with some kind of light pipe of standard shape
* uniform diffuse lighting of intensity computed to be proportional to your LED power measured in a standard way.
In this way it should be possible to create a catalog of LEDs useful for designing products.
We used some of this data to trace progress in LED development for our recent Nature Energy paper on technology spillovers in solid-state lighting: https://doi.org/g9kcjd.