megawattman,
If the sole source of supply for the pump is the plant's deaerator and if the deaerator has level control/indication and alarm, then the function of the level control is to protect the feedwater pump NPSH
If you get a chance to go back into the history of power plant design, you would find out that the FW pump suction piping is subject to a lot of transients and has been the subject of many ASME piping design papers and discussions.
This suction piping is subject to extreme "fluid inertial" loadings during startup and shutdown as well as during deaerator upset conditions. The physical design of this piping is for minimum pressure drop, minimum retention volume as well as for internal transient pressure surge conditions......In the words of my twelve year old daughter...."its special"
I suspect that it may be much more reliable to control the pump NPSH via the deaerator level than it would be by alarming/recording a pressure that may vary considerably.
My opinion only
MJC