I haven't directly dealt with a HIPPS system, but I have dealt with SIL rated interlocks and credits from a PHA.
Without knowing the details of your plant it's possible both types of systems were installed so the system would have the proper number of "credits" and to be considered a low risk safety issue. If your plant has done a PHA or Hazop, I'd recommend trying to find out who conducted it and the outcomes related to your plant so you can have some background information.
Without any details I would've assumed the HIPPS set point would be lower (disable whatever is causing pressure) and then the PSV set point would be a bit higher (but still at/below the max design pressure). The reason being you'd prefer the HIPPS to do its job and not have the PSV go off since that involves paperwork and other headaches.
Is this some sort of reactor or exothermic reaction where merely shutting down the pressure source (heat input, pump, etc) won't necessarily stop the pressure from building?