An efficient and accurate algorithm is proposed to estimate cable safety factor of suspension bridges satisfying prescribed reliability levels. Uncertainties in the structure and load parameters are incorporated. The proposed algorithm integrates the concepts of the inverse reliability method and deterministic method for assessing cable safety factors of suspension bridges. The unique feature of the proposed method is that it offers a tool for cable safety assessment of suspension bridges, when the reliability level is specified as a target to be satisfied by the designer. After the accuracy and efficiency of the method are demonstrated through two numerical examples, the method is used to estimate cable safety factors of suspension bridges with span length ranging from 2000 to 5000 m. The results show that the deterministic method overestimates cable safety factor of suspension bridges because of neglecting the parameter uncertainty effects. The actual cable safety factor of suspension bridges should be estimated based on the proposed method.