Disclosed are example techniques for frame-based power management in a light emitting diode (LED) system having a plurality of LED strings. A voltage source provides an output voltage to drive the LED strings. An LED driver generates a frame timing reference representative of the frame rate or display timing of a series of image frames to be displayed via the LED system. An update reference is generated from the frame timing reference. The LED driver monitors one or more operating parameters of the LED system. In response to update triggers marked by the update reference, the LED driver adjusts the output voltage of the voltage source based on the status of each of the one or more monitored operating parameters (either from the previous update period or determined in response to the update trigger), thereby synchronizing the updating of the output voltage to the frame rate (or a virtual approximation of the frame rate) of the video being displayed.