In this study, the effect of damping and elastic nature on the control performance of a safety budget-industrial accident rate model in Korea is examined first. The effectiveness of such dynamic model in establishing safety policies is shown with a simple proportional-integral(PI) feedback control mechanism. Control performance of the safety system model is explained in view of maximizing the effect of IAPF and minimizing the absolute amount of IAFP. Control performance is then evaluated and proved to be effective to prevent and reduce the industrial accidents. Implications in feedback control of a safety system model suggested to optimization of safety policies are also explored. Without proper restructuring of the safety system, it would not be possible to hit the target industrial accident rate. Even if the control objective is met, the amount of industrial accident prevention fund required to reduce the industrial accident rate from the current level to the target level would be far beyond the social consensus.