According to current research, safety performance functions (SPFs) based on traditional annual average daily traffic are less suitable for addressing crash risk in traffic-management strategies that typically operate for short time intervals (e.g., peak period). Variable speed limit (VSL)/variable advisory speed (VAS) is a traffic-management strategy which is deployed to achieve speed harmonization typically during the peak hours of weekdays. However, peak-period SPFs for VSL/VAS-implemented freeways considering different crash types and severity levels are still unexplored. Therefore, in this study the multivariate Poisson lognormal (MVPLN) method was applied to estimate the different crash-type and severity-level models. The results showed that by addressing correlations among different crash types and severity levels, MVPLN models outperformed individual univariate Poisson lognormal crash-type and -severity models. From the developed models, several traffic- and roadway-related attributes—such as volume, average speed, standard deviation of speed, segment type (merge, diverge, and weaving), higher number of lanes, and so forth—could be identified as the potential crash-risk factors. Also, the proposed models were successful in capturing the spatial effects of segments (differences between segments downstream and upstream of the location of interest) on crash frequency. Further, the implementation of VSL/VAS strategy was found to be effective in reducing rear-end crashes in the crash-type model as well as property-damage-only (PDO) and C (non-incapacitating) crash severity levels in the crash-severity model. Policymakers and practitioners could benefit from this study in incorporating safety aspects into developing VSL/VAS algorithms.