I think, of all answers given, rmw's most recent one comes closest to what I would believe. However, if the PSV opens and the pump responds by immediately wanting to move outward (well right of BEP) on its characteristic, the orifice restriction probably serves more to dampen the transient than protect against pump run-out, especially if the characteristic is somewhat flat to allow wide swings in flow rate over a narrow change in head. It also might help control PSV chatter.
What then becomes difficult for me to rationalize is, if the characteristic is somewhat flat left of BEP, then is the PSV required at all? What is the rise to shut-off relative to head at BEP? For pump overpressure protection, the PSV would make more sense to me if the characteristic is steep rather than flat. If such is the case, then this might be a rudimentary attempt at minimum flow recycle.
Therefore, I believe every answer given has merit, but a P&ID with set points and pump curves would be helpful towards providing more definitive comments.
Regards,
SNORGY.