The goal of image pre-compensation is to process an image such that after being convolved with a known kernel, will appear close to the sharp reference image. In a practical setting, the pre-compensated image has significantly higher dynamic range than the latent image. As a result, some form of tone mapping is needed. In this paper, we show how global tone mapping functions affect contrast and ringing in image pre-compensation. In particular, we show that linear tone mapping eliminates ringing but incurs severe contrast loss, while non-linear tone mapping functions such as Gamma curves slightly enhances contrast but introduces ringing. To enable quantitative analysis, we design new metrics to measure the contrast of an image with ringing. Specifically, we set out to find its “equivalent ringing-free” image that matches its intensity histogram and uses its contrast as the measure. We illustrate our approach on projector defocus compensation and visual acuity enhancement. Compared with the state-of-the-art, our approach significantly improves the contrast. We believe our technique is the first to analytically trade-off between contrast and ringing.