Thanks for the input. Here are some responses:
mk3223 - This RV is on the second stage of a syngas compressor system. There is no intermediate separator. I don't think a full sized tank is in the cards; that is why I asked about the dampener vessel.
George - This is indeed a centrifugal compressor, 2nd stage. The operating pressure runs about 90% of the RV set point. The RV is a POSRV assumed to be able to handle 95% operating ratio. We believe the relief valve is mechanically sound (actually we have rotated a spare). Once running, the system doesn't experience large operating extremes, but your question on the PIC control is valid, since the recycle is done from the final stage. Yes, the dampener was meant to include consideration of a (smaller) tank.
avalveman and dcasto - The relief valve is an Anderson Greenwood 25312 POSRV. I am checking to see if a snubber is installed; if not, this is worth pursuing.