In one aspect, a system for calibrating image data during the performance of an agricultural operation may include an imaging device configured to capture image data associated with a portion of a field within a field of view of the imaging device. Additionally, the system may include a color indicator positioned within the field of view of the imaging device. Moreover, the system may include a controller configured to receive the image data from the imaging device and determine an apparent color value of the color indicator based on the received image data. Furthermore, the controller may be configured to adjust at least one of an operating parameter of the imaging device or a variable associated with processing the received image data based on the determined apparent color value.