Krause was named All-NFL four times and was a Pro Bowler eight times. He started at free safety in four Super Bowls. During his sixteen year career, he missed games only twice due to injuries. Krause was often referred to as the Vikings "Center Fielder" because of his success as an interscholastic baseball player and his ability to catch interceptions. He also lead the team in tackles one year, showing himself to be a well rounded player

He currently holds the all time interception record in the NFL with 81, which he returned for 1,185 yards and 3 touchdowns. He also recovered 19 fumbles, returning them for 163 yards and 3 touchdowns.

Krause was voted into the Pro Football Hall of Fame in 1998.