Lord Venkateshwara, is also belived to be Lord Shiva, as he has Nagabaranam.
Lord Venkateshwara is belived to be Shakthi, as his Vahana is Lion. You can see this behind Garud Vahana opposite ot him and o the four corners of his Sanctum. There are eight lions facing eigth directions. But, from correct sources, those Lions are there as a amsam of his younger sister, Goddess Durga Devi, to safe gaurd her brother, on those once dangerous hills.
As, 'Kunruirukum idam ellam Kumaran irukkum idam', he is also belived to be Murugan.