We set up a "gradeing" program for inspect periods on PSV's (also piping and vessels). We used the 2 dimentional array used in most hazard assesment programs. On one axis is Probability of a failure, the other consequences. We evaluated the things that would increase the probability for a piece of equipmet to fail, things like corrosion, vibration, high temperature, frequency of actual use, material selection could even decrease this measure, ect... Then the consequences were looked at, things like chemical properties, high pressure (dispersion), location, line and vessel sizes, ect.
Then we looked up the values on each axis to determain frequency. We did a "common sence engineering" check and saw that our clean, dry low pressure natural gas lines had a 5 year interval and our rich amine psv's and lines had a 1 year inspection level.