A method for calibrating the calculation of a laser power measurement with respect to specified operational and/or environmental parameters in an optoelectronic device, such as an optical transceiver module having a laser diode, is disclosed. In particular, the method includes sensing analog data that relates to light emission from the laser diode using a monitor photodiode disposed in the optical transceiver module. Additional sensors are then used to sense analog data that relates to the temperature and voltage of the monitor photodiode. The analog data is converted into digital data, then a formulaic relationship that relates the light emission data to the temperature and voltage data is used to calculate the laser power of the laser diode. Calibration by this method accounts for unintended effects caused by temperature and voltage fluctuations in the optical transceiver module.