This study investigated the legibility distance characteristics of variable speed limit signs and variable message signs under foggy conditions according to different luminance levels. In South Korea, the current installation standards for these signs are based on normal weather conditions, and empirical analyses of their visibility under adverse weather conditions remain limited. To address this issue, a controlled large-scale experiment was conducted at the Yeoncheon SOC Test Center, where artificial fog was generated in a tunnel environment. Seventeen elderly participants (average age: 70 years) participated in the experiment. They walked toward a sign to identify the distance at which it became legible. The experiment varied the fog visibility levels (50–80 m, 30–50 m, and 10–30 m) and display luminance (six levels). The results showed that as the fog density increased (that is, visibility decreased), the average legibility distance decreased. Conversely, higher luminance levels consistently improved legibility distance under foggy conditions. Under normal weather conditions, changes in luminance had a minimal impact on legibility. Compared with the minimum legibility distances calculated based on the design speed, many cases under foggy conditions failed to meet these thresholds, particularly at lower luminance levels. These findings indicate that the current luminance standards may not adequately ensure sign legibility under adverse weather conditions, underscoring the need for updated luminance guidelines that reflect environmental conditions. The results of this study provided quantitative data to support policy revisions and technical advancements aimed at improving road safety.