Off-the-shelf spatial light modulators (SLMs) like those commonly included in video projection devices have been seldom used for the compensation of eye aberrations, mainly due to the relatively low dynamic range of the phase retardation that can be introduced at each pixel. They present, however, some interesting features, such as high spatial resolution, easy handling, wide availability, and low cost. We describe an efficient four-level phase encoding scheme that allows us to use conventional SLMs for compensating optical aberrations as those typically found in human eyes. Experimental results are obtained with artificial eyes aberrated by refractive phase plates introducing either single Zernike terms or complex eye aberration patterns. This proof-of-concept is a step toward the use of low-cost, general purpose SLMs for the compensation of eye aberrations.