A new multiple heat path dynamic compact model extraction method for LED packages with silicone domes is proposed. The method enables separate characterization of the LEDs dome and the main heat path. It is based on thermal transient analysis of LED configurations with and without the dome. The heat paths de-embedding procedure proposed significantly increases accuracy of the LED thermal characterization compared to a typical singular heat path approach. The method is demonstrated with a representative mid-power LED. The results are validated with steady-state FEA. Suppressed estimation errors of the heat path evaluation are indicated.