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Road safety assessment has played a crucial role in the theory and practice of transport management systems. This paper focuses on risk evaluation in the Asian region by exploring the interaction between road safety risk and influencing factors. In the first stage, a data envelopment analysis (DEA) method is applied to calculate and rank the road safety risk levels of Asian countries. In the second stage, a structural equation model (SEM) with latent variables is applied to analyze the interaction between the road safety risk level and the latent variables, measured by six observed performance indicators, i.e., financial impact, institutional framework, infrastructure and mobility, legislation and policy, vehicular road users, and trauma management. Finally, this paper illustrates the applicability of this DEA-SEM approach for road safety performance analysis.