Bunyala,
The pump suction pressure equals the static head available at the pump suction - the frictional losses in the suction piping at the given flowrate. Now, start from the pump suction and trace back the suction line. At every position, the static head decreases as the elevational difference is reduced and even the frictional losses get reduced (as the pipe length is shortened).
So, at some point, the difference becomes zero (in the absence of an expansion tank and if you ignore temperature effect on the fluid) and this is your low pressure point. Most probably, this point will be where the suction pipe takes a downward turn towards the pump.
Generally, when we design a pump for closed system, the static head is considered to be zero and only dynamic head +pressure drop across equipment is calculated. This may indicate that, as the length of pipe increases, the pressure drop increases and so, the pressure will be the lowest at the pump suction. This is a wrong assumption as the pump pushes the fluid against a static head in the discharge leg and suction static head supplements the pump.
Hope I tried to answer your question.