The key section may is actually at the start, my emphasis.
301.2.2 Required Pressure Containment or Relief
(a) Provision shall be made to safely contain or relieve
(see para. 322.6.3) any expected pressure to which the
piping may be subjected. Piping not protected by a pressure-
relieving device, or that can be isolated from a pressure-
relieving device, shall be designed for at least the
highest expected pressure.
(b) Sources of pressure to be considered include
ambient influences, pressure oscillations and surges,
improper operation, decomposition of unstable fluids,
static head, and failure of control devices.
(c) The allowances of para. 302.2.4(f) are permitted,
provided that the other requirements of para. 302.2.4
are also met.
302.2. f gives you potential for occasional overpressure of up to 33%.
So my interpretation of the above is that if you don't have a pressure relieving device, then you need to rate the system for the highest expected pressure. It's not immediately clear what is meant by a "pressure interlock". An interlock usually prevents something from happening, so if e.g. the pressure was too high, then the pump would not start.
What you are implying is a pressure trip though which is something different. The SIL of that trip I would have thought needed to be a SIL 2 or SIL 3. Then it might just qualify by preventing the pressure from reaching such a high pressure. Maybe.
So please explain what you mean a bit more before anyone can give any more comment.
But why does anyone want to do this? The releif can be back to the pump inlet side, not always the tank or a drain.
Remember - More details = better answers
Also: If you get a response it's polite to respond to it.