An engine control system for optimizing a tradeoff between turbocharger lag and production of exhaust emissions including altitude and intake manifold air temperature compensation includes a turbocharger boost sensor, an engine speed sensor, an ambient pressure sensor and an intake manifold air temperature sensor, each providing appropriate sensor signals to a control computer. The control computer is operable to limit fueling signals supplied to the engine fuel system based on turbocharger boost, engine speed, ambient pressure and intake manifold air temperature to thereby optimize a tradeoff between turbocharger lag and production of black smoke and other exhaust emissions while compensating for changes in altitude and intake manifold air temperature. In one preferred embodiment, the control computer includes a fueling table stored therein which maps boost pressure and engine speed values to appropriate fueling values, an altitude correction table stored therein which maps boost pressure and ambient pressure to appropriate fueling correction values and an intake air temperature correction table store therein which maps intake manifold air temperature values to appropriate intake air temperature correction values. The control computer is operable to limit the fueling signals based on the fueling values from the fueling table, the fueling correction values from the altitude correction table and the fueling correction values from the intake air temperature correction table, to thereby maintain a desired tradeoff between turbocharger lag and production of black smoke and other exhaust emissions while compensating for changes in ambient pressure and intake manifold air temperature.