It will depend a lot on just what Voltage you are looking for. IIRC, a forward-biased LED will drop in the neighborhood of 1.4-1.6 Volts. If you need more, you will need to add resistance in series, or another diode or LED. If you need less, you will need to make other arrangements.
You will also need to keep in mind how much current you expect to be traveling through the LED and avoid exceeding its forward current limit.
So, if you know the Voltage you are looking for and you know the current in the circuit you can figure it out. It may be as simple as swapping the LED for the resistor or it may be a little more involved.
Of course, it is also necessary to keep in mind that the LED will need to be installed in the correct direction; a resistor is bi-directional, but an LED is not.