Not to nit-pik, but a human ear and our description of what it is picking up is actually purely subjective, nothing objective about it. From that perspective any type of valid, even if imperfect, measurement would be definition be objective in comparison. But I get what you mean.
Actually we know quite a lot about the physiology of hearing, we know about the "subjective" Fletcher-Munson curve, there are in-canal measurements etc. Studies show the correlation between "objective" measurements and preferred "subjective" sound quality seems to be quite straightforward, but I agree it's not an exact science . Anyway, I think if something is off, most people can hear it, even though there is wide variety of personal preferences and hearing capabilities. That is (part of) the basis of operation for head-fi as well .
A few links for the interested:
HP study: Relationship between Perception and Measurement of Headphone Sound Quality
An interpretation: http://seanolive.blogspot.fi/2013/04/the-relationship-between-perception-and.html
A forum about it: http://www.hydrogenaud.io/forums/index.php?showtopic=104155
And of course a warning from Headroom: http://www.headphone.com/pages/evaluating-headphones