Hi Brian,
Thank you for using the PXI-6551 boards.
The answer to your question is best described by a table in the help file, which you can find by going to Start --> Program Files --> National Instruments --> NI-HSDIO --> Documentation --> NI Digital Waveform Generator/Analyzer Help.
In the help file, select the Contents tab, then go to Devices --> NI 655X --> Channel Interface --> LED Indicators.
That table shows the different possibilities for the LEDs and what each case means.
Best Regards,
Allen