Over the last few years, light-emitting diodes have completely dominated the lighting field. In road lighting, high-power LEDs have replaced traditional light sources. That is why various technical aspects of LEDs have been researched extensively worldwide. However, little research has been conducted in the area of luminance measurement. This paper reviews the methods for measuring the luminance of high-power LEDs. Particular attention is paid to the influence of the measurement distance on the measurement results. Next, the results of the tests using a modern image luminance measuring device (ILMD) for luminance measurements are presented. It is concluded that it is necessary to redefine the photometric test distance. The conducted research demonstrates that an incorrectly selected test distance can lead to the huge errors of several hundred per cent or more. In addition, the possible impact of the incorrect measurements on the design of road lighting installations is presented. It is shown that a road lighting installation can use over 300% more electrical energy compared to the installation based on the correct luminance measurements of single LEDs. In the final stage of the research, the definition of the photometric test distance for LED measurements using ILMD is proposed. The results of the research can also be useful for the luminance measurements of other types of LEDs.