This paper highlights the similarities and differences between the safety parameters which result from OREDA and FMEDA data analysis methods. The statistical parameter estimations performed by OREDA (which are based on expert analysis of field failure data (FFD) from offshore and onshore topside oil exploration and production facilities as well as offshore subsea facilities) and the parameter predictions produced by FMEDA (which derives failure parameters based on validated failure rate and failure mode databases of components that comprise functional safety related devices) are described. Samples of the formats of published data resulting from each method are presented and explained. The capabilities of each method for dealing with application specific safety issues are considered; these application issues include the common scenarios of close on trip vs open on trip safety system configurations. The differences in the methods’ capabilities for analyzing the safety of a specific device vs. a generalized subsystem or system are reviewed. A table comparing these as well as other characteristics is presented. The relative advantages and disadvantages of each analysis method are discussed and attention is drawn to the complementary nature of the data produced by the two methods.