We present SENTINEL, a framework for formally evaluating the physical safety of foundation model (FM)-based embodied agents. SENTINEL is the first to provide multi-level safety evaluation across semantic interpretation, plan generation, and physical execution within a unified formal framework. Unlike prior methods that rely on heuristic rules or subjective FM judgments, SENTINEL grounds practical safety requirements in formal temporal logic (TL) semantics that can precisely specify state invariants, temporal dependencies, and timing constraints. It employs a multi-level verification pipeline where (i) at the semantic level, intuitive natural language safety requirements are formalized into TL formulas and the agent's understanding of these requirements is probed for alignment with the TL formulas; (ii) at the plan level, high-level action plans and subgoals generated by the agent are verified against the TL formulas to detect unsafe plans before execution; and (iii) at the trajectory level, multiple execution trajectories are merged into a computation tree and efficiently verified against physically-detailed TL specifications for a final safety check. We apply SENTINEL in VirtualHome and AI2-THOR, and formally evaluate multiple FM-based embodied agents against diverse safety requirements. Our experiments show that by grounding physical safety in temporal logic and applying verification methods across multiple levels, SENTINEL provides a rigorous foundation for systematically evaluating the safety of FM-based embodied agents in simulation-based physical environments, and can effectively expose potential safety violations in interpreting, planning, and executing the tasks.