Human-driving behavior at signalized intersections may lack efficiency because drivers try to reach their desired speed without the upcoming traffic-signal information. This causes idling time, sharp accelerations, hard braking, traffic congestion, emissions, and energy consumption. Connected vehicles, for example those equipped with a speed advisory system (SAS), can provide prior information to drivers for optimizing their driving behavior while approaching signalized intersections. However, the current literature focuses only on the fuel consumption, emissions, and travel-delay reduction impacts of SASs. This paper evaluates the safety impact of SAS vehicles using the proposed approach that simulates mixed-traffic situations between SAS and human-driven vehicles (HDVs). HDVs in the model follow real vehicle trajectories based on car-following conditions. The study investigates various scenarios including the impact of the different ranks of SAS vehicles in the vehicle group, the lane-changing possibility, and market penetration rates (MPRs). The results suggest that SAS vehicles can reduce rear-end collision risks from 25% MPR. The minimum time to collision increases by 1.2 s and the deceleration rate to avoid crash declines by 0.3 [Formula: see text] on average for 100% MPR relative to 0%. The study demonstrated that this safety benefit is also strongly related to the rank of SAS vehicles within a vehicle group. In addition, the conflict locations in the approaching lane gradually move away from the intersection up to where the communication range starts as the MPR increases, which would reduce abrupt vehicle speed changes near pedestrian crosswalks.