This paper investigates the optimization of transmitting the encoder outputs, termed semantic features (SFs), in semantic communication (SC). We begin by modeling the entire communication process from the encoder output to the decoder input, encompassing the physical channel and all transceiver operations, as the SF channel, thereby establishing an encoder-SF channel-decoder pipeline. In contrast to prior studies that assume a fixed SF channel, we note that the SF channel is configurable, as its characteristics are shaped by various transmission and reception strategies, such as power allocation. Based on this observation, we formulate the SF channel optimization problem under a mutual information constraint between the SFs and their reconstructions, and analytically derive the optimal SF channel under a linear encoder-decoder structure and Gaussian source assumption. Building on this analysis, we propose a joint optimization framework for the encoder-decoder and SF channel applicable to both analog and digital SC systems. To realize the optimized SF channel, we also propose a physical-layer calibration strategy that enables real-time power control and adaptation to varying channel conditions. Simulation results demonstrate that the proposed SF channel optimization achieves superior task performance under various communication environments.