Hi,
The maximum allowable working pressure (known as MAWP) for piping as well as piping components could be assessed by calculating the pressure and using the selected wall thickness as input parameter in the wall thickness formula.
You calculate back to the pressure as unknown parameter.
From the selected wall thickness the corrosion allowance and mill tolerance should be deducted first.
From this formula could be concluded that the design stress is certainly one of the determining parameters.
Maximum design pressures for piping component specifications are most commonly determined by the process or as per the limits as per ASME B16.5.
Regards.