Risk elements of highway safety facilities are affected by complex environments. Thus, risk-based approach for traffic safety facilities is needed. For this, in this study, qualitative and quantitative risk assessment methodology and procedure for highway safety facilities is proposed, which can be used as risk-based approach incorporating VE process. Also, for the quantitative risk assessment, event tree using EPDO(Equivalent Property Damage Only) with respect to frequency and magnitude of risk events is introduced. As a result, risk index of alternative 1(140cm) and 2(127(cm) which can be used as performance factor in VE approach are estimated.