Well, I can tell you that on the vehicle in question, the light gets triggered when the pressure dropped 8psi from where I had the tires set. That's about 15%.
As far as tolerance, I'd venture a guess that +/- 15% is in the safe range before the system gets triggered.
Now...I would also guess that anytime the system is reset after being triggered is the baseline the system uses.
Just guessing, but a 30% range around the tire ratings seems fair, allowing for weight and heat and barometric factors.
I'm sure if somebody dug into the interweb researching this they will get a bunch of answers in the neighbourhood of what I've just surmised.