1. A method of generating a multidimensional LUT (look-up-table) representing a color transformation function associated with an imaging device, the method comprising: a) generating a set of LUT node locations by solving a first optimization problem to minimize a first defined error criterion calculated over a set of training samples associated with the color transformation function; and b) generating a set of LUT node values associated with their respective LUT node locations by solving a second optimization problem to minimize a second defined error criterion calculated over the set of training samples, the second error criterion accounting for one or more interpolation processes associated with determining LUT values at LUT non-nodal locations.