We present a noniterative algorithm to reliably reconstruct the spectral reflectance from discrete reflectance values measured by using multicolor light emitting diodes (LEDs) as probing light sources. The proposed algorithm estimates the spectral reflectance by a linear combination of product functions of the detector's responsivity function and the LEDs' line-shape functions. After introducing suitable correction, the resulting spectral reflectance was found to be free from the spectral-broadening effect due to the finite bandwidth of LED. We analyzed the data for a real sample and found that spectral reflectance with enhanced resolution gives a more accurate prediction in the color measurement.