diff --git a/esphome/components/esp32_rmt_led_strip/led_strip.h b/esphome/components/esp32_rmt_led_strip/led_strip.h
index 51eed8e01c..e9b19c9399 100644
--- a/esphome/components/esp32_rmt_led_strip/led_strip.h
+++ b/esphome/components/esp32_rmt_led_strip/led_strip.h
@@ -64,7 +64,7 @@ class ESP32RMTLEDStripLightOutput : public light::AddressableLight {
  protected:
   light::ESPColorView get_view_internal(int32_t index) const override;
 
-  size_t get_buffer_size_() const { return this->num_leds_ * (3 + this->is_rgbw_); }
+  size_t get_buffer_size_() const { return this->num_leds_ * (this->is_rgbw_ || this->is_wrgb_ ? 4 : 3); }
 
   uint8_t *buf_{nullptr};
   uint8_t *effect_data_{nullptr};
diff --git a/esphome/components/esp32_rmt_led_strip/light.py b/esphome/components/esp32_rmt_led_strip/light.py
index 3442940e3f..1c15a468d9 100644
--- a/esphome/components/esp32_rmt_led_strip/light.py
+++ b/esphome/components/esp32_rmt_led_strip/light.py
@@ -48,7 +48,7 @@ CHIPSETS = {
     "WS2812": LEDStripTimings(400, 1000, 1000, 400),
     "SK6812": LEDStripTimings(300, 900, 600, 600),
     "APA106": LEDStripTimings(350, 1360, 1360, 350),
-    "SM16703": LEDStripTimings(300, 900, 1360, 350),
+    "SM16703": LEDStripTimings(300, 900, 900, 300),
 }