I am basing my answer on a belief that you are describing an oil actuated diaphragm pump that has an internal relief valve on the oil system and an external relief valve on the process. If so, the internal valve is set by the pump manufacturer to protect the pump. It is there to prevent the excess oil pressure from bursting the diaphragm when the pump is operated with little or no back pressure. The external relief valve is there to protect the piping and downstream process equipment. It is possible for a given design to have a diaphragm burst pressure that is higher or lower than the pressure rating of the downstream equipment. So, either one could be higher. The pump manufacturer would not normally reduce their internal relief set pressure just because you are installing the pump in a system with a lower pressure limitation than their diaphragm. Of course, it might seem that an external relief valve would be unnecessary if the internal relief valve is set to relieve at a lower pressure. However, the internal valve is not a fully capable PSV that could be tested and certified. So it would not satisfy the mechanical integrity requirements in most plants. The external relief would still be needed to satisfy plant MI requirements, API or other process industry standards, etc.
Johnny Pellin