If you're using Windows Home Server on homebrew hardware, then this Add-In from Tentacle Software could be just what you're looking for.
An exerpt from the page:
This Windows Home Server Add-In is an extension of the standard WHS Server Storage interface. People who buy nice OEM WHS solutions get fancy LEDs that light up when a disk needs to be removed; us poor people with cobbled-together home-brew hardware don't. This add-in makes it easier to identify the physical disk you're working with in the WHS Console.