The daily averaged Solar EUV Monitor (SEM)/Solar Heliospheric Observatory (SOHO) EUV measurements, solar proxies, and foF2 data at 20 ionosonde stations in the east Asia/Australia sector are collected to investigate the solar activity dependences of the ionospheric peak electron density (NmF2). The intensities of solar EUV from the SEM/SOHO measurements from 1996 to 2005 show a nonlinear relationship with F107, and the SEM/SOHO EUV can be better represented by a solar activity factor P = (F107 + F107A)/2. Seasonal and latitudinal dependences are found in the solar activity variation of NmF2 in the east Asia/Australian sector. The slope of NmF2 with P in the linear segment further shows similar annual variations as the background electron densities at moderate solar activity. Observations show a nonlinear dependence of NmF2 on solar EUV (the saturation effect of NmF2 for high solar EUV). On the basis of a simple model of photochemistry, taking the neutral atmospheric consequences into account, calculations at fixed height simulate the saturation effect of NmF2, but the observed change rate of NmF2 with P is inadequately reproduced. Calculations taking into account the influence of dynamics (via a simple model of the solar EUV dependence of the ionospheric height) tend to reproduce the observed change rate of NmF2. Results indicate that besides solar EUV changes, the influence of dynamics and the atmospheric consequences should substantially contribute to the solar activity variations of NmF2.