No you can't unfortunately, not exactly. If you know the voltage across the LED that doesn't mean you know the exact current flowing thru your LED at that time. LEDs are funny things. They have high mobility inside the semiconductor crystal emitting the light. This means they are quite unpredictable as to finding out the exact resistance at a certain voltage - therefore the exact current flowing thru your LED. All you can do is spot checks in various discrete stages. At this stage we do not have a formula. Once we'll have one, it'll still likely to be too complex to be used by an average do-it-yourselfer.

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