FHWA study includes LED Signs as engineering countermeasure in improving safety and operations for pedestrians and bicyclists.
Excerpts from Publication No. FHWA-HRT-11-035
This study was part of a larger FHWA research study to quantify the effectiveness of engineering countermeasures in improving safety and operations for pedestrians and bicyclists. The purpose of this report is to describe methods that practitioners can use to conduct reliable evaluations of pedestrian and bicyclist traffic control devices. This report will be of interest to engineers, planners, and other practitioners who implement pedestrian and bicycle treatments and to city, State, and local authorities responsible for public safety.
APPENDIX A. PROCESS FOR SELECTING A MEASURE OF EFFECTIVENESS (MOE)
When planning an evaluation, the first two steps are to identify the problem and pose the research question. In the next step, the appropriate MOE is selected. Suppose an agency has identified a site where drivers are not yielding to pedestrians at a crosswalk. Possible questions to why drivers are not yielding (see table 9) include: Are drivers not able to see the traffic control device? Are the markings faded or is sign clutter limiting the visibility of the sign? If so, a solution that addresses the visibility issue is needed, and the MOE needs to determine if the traffic control device is more visible.
Table 9. Example of process of selecting Methods Of Effectiveness (MOEs):
Vehicle not yielding to pedestrian at crosswalk.

For the complete report you can go to the following link.
»
Pedestrian and Bicyclist Traffic Control Device Evaluation Methods