As the driver warms up typically its current output falls, so the warmed up number is being penalized by the driver if we tried to make a direct comparison. Also, the Vf of the LED drops from the reduction in current and from the heat in the junction, further reducing dissipation Wattage. So we have to penalize the pulsed number by the same percentage to adjust for that. There are some drivers that will not change their output as they warm up or even increase their output, so in that case the pulsed number gets adjusted upward to make up for it. Of course that introduces slight error due to current droop, but if you have an adjustable/dimmable driver, you can reduce that variable.
@pirg420 unfortunately the cheapo light meter is no good for absolute measurements. It is highly precise but utterly inaccurate, meaning you get great repeatability but the meter cannot see each wavelength equally, so there is no way to convert the readings into PAR W accurately. In particular it cannot see blue and red/deep red very well. Even expensive PAR meters have this problem, although GG has reported success using them when comparing their reading to a spectroradiometer reading.
For example when I compare a Cree CXA3000k and Vero29 3000K and really push them hard (2.5A), the CXA shows higher readings (per Watt) than the Vero, which is not what we would expect from the manufacturer data. But I cannot declare that the CXA is more efficient at that current because the Vero has more red/deep red output which is probably throwing the meter, so I have no confidence in the comparison. We would need a calibrated spectroradiometer to really know what is going on with the spectrum.
Another problem, in order to check the output efficiency we would need to measure all of the light that is emitted, which requires the use of an integrating sphere or at the very least tracking the PPFD on a PAR grid and trying to convert it to PPF.
So for the most part I try to estimate junction temps by monitoring the Vf as the LED warms up and I estimate efficiency based on the data sheets. But that only works if you know the part numbers/bins of the LEDs used.