It has been well known that traffic accidents occur under combined functional contributions of drivers, vehicles and road facilities, and that evaluation of safety levels for a specific road section or point is generally much complicated. Additionally, most of traffic accidents occur randomly implicating it is necessary to be evaluated in terms of probability theory. Thus, the evaluation model which reflects various characteristics and probabilistic distributions of traffic accidents has been necessary. The present paper provides a reliability based model with variables of probabilistic operating speeds and design speeds together which have been individually explaining associated characteristics in traffic accidents. Consequently, the model made it possible for speed management and road improvement projects to be evaluated in a common index. Application studies were performed in three cases. Through the studies, couples of facts were identified that the model successfully considered the probabilistic operating speeds and design speeds together and that then, the model evaluated road safety alternatives relatively which are complicatedly characterized and differently located.