1. A method comprising: dividing, by operation of a computer, an input range of color component values of a first color space into a plurality of sub-ranges; determining, by operation of a computer, for each sub-range a level of accuracy for converting color component values within the sub-range, wherein the level of accuracy for each sub-range corresponds to a number of data points for the sub-range to be used in at least one dimension of a multi-dimensional look-up table for mapping color values in the first color space to corresponding color values in a second color space; generating a one-dimensional look up table (1D LUT) based on the determined levels of accuracy for the sub-ranges; generating a multi-dimensional look up table for converting input color values in the first color space to corresponding color values in the second color space, wherein generating a multi-dimensional look up table comprises: applying an inverse of the 1D LUT to a regularly spaced multi-dimensional grid of colors values in the first color space and applying one or more processing operations that convert colors from the first color space to the second color space.