An integral part of every augmented reality system is the calibration between camera and camera-mounted tracking markers. Accuracy and robustness of the AR overlay process is greatly influenced by the quality of this step. In order to meet the very high precision requirements of medical skill training applications, we have set up a calibration environment based on direct sensing of LED markers. A simulation framework has been developed to predict and study the achievable accuracy of the backprojection needed for the scene augmentation process. We demonstrate, that the simulation is in good agreement with experimental results. Even if a slight improvement of the precision has been observed compared to well-known hand-eye calibration methods, the subpixel accuracy required by our application cannot be achieved even when using commercial tracking systems providing marker positions within very low error limits.