The majority of past road safety studies focused on open road segments while only a few focused on tunnels. Moreover, the past tunnel studies produced some inconsistent results about the safety effects of the traffic patterns, the tunnel design, and the pavement conditions. The effects of these conditions therefore remain unknown, especially for freeway tunnels in China. The study presented in this paper investigated the safety effects of these various factors utilizing a four-year period (2009–2012) of data as well as three models: 1) a random effects negative binomial model (RENB), 2) an uncorrelated random parameters negative binomial model (URPNB), and 3) a correlated random parameters negative binomial model (CRPNB). Of these three, the results showed that the CRPNB model provided better goodness-of-fit and offered more insights into the factors that contribute to tunnel safety. The CRPNB was not only able to allocate the part of the otherwise unobserved heterogeneity to the individual model parameters but also was able to estimate the cross-correlations between these parameters. Furthermore, the study results showed that traffic volume, tunnel length, proportion of heavy trucks, curvature, and pavement rutting were associated with higher frequencies of traffic crashes, while the distance to the tunnel wall, distance to the adjacent tunnel, distress ratio, International Roughness Index (IRI), and friction coefficient were associated with lower crash frequencies. In addition, the effects of the heterogeneity of the proportion of heavy trucks, the curvature, the rutting depth, and the friction coefficient were identified and their inter-correlations were analyzed.