A method and system for generating a reference voltage for memory device signal receivers operates in either a calibration mode or a normal operating mode. In the calibration mode, the magnitude of the reference voltage is incrementally varied, and a digital signal pattern is coupled to the receiver at each reference voltage. An output of the receiver is analyzed to determine if the receiver can accurately pass the signal pattern at each reference voltage level. A range of reference voltages that allow the receiver to accurately pass the signal pattern is recorded, and a final reference voltage is calculated at the approximate midpoint of the range. This final reference voltage is applied to the receiver during normal operation.