That is a great function, I was going to ask them about it but now already done, your speedo, odometer, mileage estimate, and just might make a difference in the areas Razor posted which could be fairly important.
Here is the best and easiest way to measure diameter.
Park on a level surface, measure from the ground to the center of the hub/center cap/etc.....double it, that is the best you are going to get.
BUT, it will be different on a hot day, cold day, hot canyon run, autocross, out on the track....so you could check them all and average it or even change it accordingly if going full tilt anal....
If will change less if you use dry air or even better nitrogen which is why it is used by many race teams to control tire temps better as higher temps can change the contact patch and sidewall stiffness significantly.
That is also one of the ways NASCAR guys can make those cars so darn fast, the measure every single tire and can change the stagger of the car with just a lb or two, or less, air pressure adjustment.