The ever-increasing use of motor vehicles causes a number of traffic safety and community issues, which are particularly severe in cities, accompanied by a scarcity of parking spaces and challenges encountered in road layout alteration projects. The commonly applied solutions include the designation of through streets, the implementation of on-street parking on residential streets, and retrofitted traffic calming measures (TCMs). This article presents the results of the study conducted on a two-way street where the Metered Parking System (MPS) was implemented together with diagonal and parallel parking spaces, refuge islands, horizontal deflection, and lane narrowing by a single-sided chicane. The aim of this study was to identify those TCMs that effectively helped to reduce the island approach speed. The heuristic method was applied to assess the effect of the respective TCMs on reducing the island approach speed, and the key speed reduction determinants were defined using a cause-and-effect diagram and a Pareto chart. The determinants were evaluated with the binary system and tautological inference principles, whereby a determinant was rated as true when it was found in the field, with a simultaneous speed reduction determined in the survey. Determinants that were not confirmed in the field were rated untrue. Comparative analyses were carried out to rate the respective TCMs as effective, moderately effective, or ineffective. In this way, the following three determinants were rated as the most important for speed reduction at refuge islands: free view, visibility of a pedestrian on the right-hand side of the island, and the refuge island surroundings. Although the study was limited to a single street in Poland, the findings may hold true in other countries where similar TCMs are used.