1. A color conversion method operable in a processor, the method comprising the steps of: (a) converting a color represented by a plurality of first color channel values of a first color space, to a plurality of second color channel values of a second color space, using an approximation technique, such that the second color channel values are approximate values representing the color; (b) correcting the second color channel values representing the color using a preset, computation based error correction table, wherein the error correction table contains error correction values pre-computed using a conversion algorithm, with each error correction value being determined as a difference between: (i) a second color channel value computed based on an original conversion formula that converts a color represented by the first color space to a color represented by the second color space more accurately than by using the approximation technique, and (ii) a second color channel value computed based on the approximation technique, and represented as a code and an error displacement value, wherein said code is determined based on the color channel based on the original conversion formula and the color channel based on the approximation technique and said error displacement value being an absolute value; and (c) outputting a corrected color obtained by the error correction values; wherein step (b) comprises the steps of: creating a primary error correction table by obtaining an error correction value for each channel from a difference between a color channel based on the original conversion formula and a color channel based on the approximation technique; and creating a final error correction table by compressing the primary error correction table; and wherein the primary error correction table is compressed by adjusting a field size to conform to a maximum error displacement value of the primary error correction table.