Knob 1: Turn this to "2"
Knob 2: Note that turning this affects Knobs 3&4. Turn this to "7"
Knob 3: Turn this to "4"
Knob 4: Turn this to "7"
Knob 5: Turn this to "1"
Knob 2: Turn this one turn to the right, to show "6". This will change dial 3 to "3" and 4 to "8"
Source:
Silent Hill Downpour Safe Puzzle Solution