In this study, we compare the SDO/HMI line-of-sight observables (magnetic field, velocity, continuum intensity, and line depth) with the related physical properties for several dynamo simulation runs performed using the “StellarBox” 3D Radiative MHD code. The modeling of the Fe I 6173 Å Stokes profiles is performed using the SPINOR radiative transfer code in the LTE approximation. The reproduced SDO/HMI line-of-sight pipeline is applied to the modeled spectra, and the observables are synthesized with high (numerical) and SDO/HMI (instrumental) resolutions. Correlations between the observables and the physical properties at various heights in the atmosphere are studied for a set of view angles (0, 30, 45, 60, 70, and 80 degrees away from the solar disk center). It is found that the SDO/HMI magnetic field and velocity measurements are unambiguously correlated with physical parameters at certain heights of the solar atmosphere. These heights increase from about 100 km above the photosphere for the disk center case to 300-600 km above the photosphere for the 80-degree case. The heights are found to be slightly lower in regions where stronger magnetic fields are found. The comparison of the photospheric magnetic flux and integrated continuum intensity derived from the SDO/HMI observables and high-resolution observations and spectra is discussed. The results of our study improve physics-based interpretations of the SDO/HMI observables and provide a better understanding of the physical properties of the solar atmosphere.