Hi Will
Could be a loose wire going from the indicator to the amp board. The power LED along with the Stereo LED are on the same board. Power LED plug into the Amp Board and Stereo LED into the Tuner.
Its not very common for these LEDs to fail but you can check the LED with an Ohm Meter to make sure its not open. Remember it is a Diode so it will only read with the correct polarity (RED +) (BLACK - ) on your multimeter.
Other than the Amp board not sending power to the LED its fairly straight forward. You can test that while powered on with a Volt Meter also.
Picture Below: