Just to clarify things a bit...
Some folks believe that vessels and piping have a design margin of 4. There is a bit of logic to this number, but it is outdated, and has been for roughly 16 years. Also, the value of 4 never applied to B31.3 piping. For vessels built from sometime in the mid 1950's to 1998 to Section VIII and after 1968 to Section VIII Div. 1, the allowable basic stress in tension for most materials was limited by the lowest of 1/4 UTS, 2/3 yield, creep, or fatigue. Now, show me a vessel and I'll show you a few areas in which the basic allowable stress is routinely exceeded. Simply put, keep in mind the 1.5*S and 3.0*S (or more recently Sps) criteria. So when at MAWP, I can have parts of the vessel at stresses above yield and approaching ultimate. Since 1999, the design margin against UTS has been 3.5 for VIII-1.
For B31.3, the design margin against UTS has never been 4. Try 3. For VIII Div. 2 the value would be either 3 or since 2007, 2.4 at ambient temperatures only.
Moving on to the OP's question which relates not to vessels or pipe, but to fittings and valves:
For B16.5 components, refer to B16.5 2013 paragraph 2.3 for reference to 1.5* ambient temperature pressure rating.
For B16.9 components, refer to B16.9 2012 paragraph 10 for discussion of suitability for system hydrotests.
In ideal circumstances, I'll agree with
LittleInch that the system should never see more than 1.0 times the design pressure. However, in less than ideal circumstances with B31.3 piping I have no problem leaning on B31.3 paragraph 302.2.4 which, with certain restrictions, allows for operation not exceeding 33% of the rated pressure.