When we go drag racing we have an altronics weather station on the trailer that reads temp, humidity, air density, (altitude) water grains, wind, etc. We use a mathmatical formula to determine how much performance change there will be with a measured change in the corrected altitude. We are at 600 feet approx above sea level but the corrected density has been below sea level in the fall or as high as 4,000 feet when it is hot and humid. The car will change approx .01 with every 150 feet of corrected density altitude. This is in the quarter mile at approx 7.5 seconds at 179 mph. We had a best ever of 7.52 but last week the air was good and we ran 7.49. In the heat of summer it may slow to 7.70's.
We can also determing the required jet change to correct for weather but we usually just allow for the air.
Hondaman raises an interesting point about valve seal and humidity. We usually lose HP with increased humidity but our valve seal is very good. That (increased performance with humidity) might be an indicator of when the valve seal starts to fade a little.