Pedestrian Fatalities Reduction Act of 2014 - Requires any state with a per capita increase in the number of fatalities or serious injuries of pedestrians or users of nonmotorized forms of transportation in the state, or a particular county in the state, during the most recent two-year period to include in its subsequent strategic highway safety plan strategies to address that increase. Requires states to take data on such fatalities and injuries into consideration when updating such plans.

Revises any subset the Secretary of Transportation (DOT) establishes of the model inventory of roadway elements (MIRE) for the inventory of roadway safety, and used by state and local departments of transportation to implement their strategic highway safety plans, to include elements that improve safety for pedestrians and users of nonmotorized forms of transportation.