I'm not as good with stories as Zoobie, but your most common type, the section VIII Safety-relief valve operates on force-balance.
One standard orifice is 0.196 square inches. Standard orifice designations are D through T, with D being .110, and T being 26.0 square inches if memory serves.
If you need to set the valve to pop at 500 psi, first the manufacturer or a certified repair facility would select the proper spring for the application. Then they crank the spring adjuster down so that the preload is 0.196 x 500 = 98 lbf. Now, when the pressure under the disc gets to 500 psi, the disc will begin to lift. Outside of the disc there is a ring, which may or may not be adjustable. As the disc begins to lift, the flow starts, and it hits the ring and is deflected downward, increasing the lifting force on the disc assembly. The disc then POPS open to its full allowable travel. As long as the pressure remains above setpoint, the valve remains fully open. The rated flow for the valve is measured at the cracking (set) pressure, +10 percent overpressure. Once the pressure goes below the set pressure, the valve is no longer held open by the inlet pressure and it closes. Code valves must close within 10% of the set pressure. Non-code valves sometimes blow-down considerably more than that. It is a bad idea to operate normally at higher than 90% of set pressure because if you get an upset and burp the valve it will stay open until it blows down to its reseat pressure. It's possible for the valve to stay continuously open if the system can supply enough flow at over 91% of the set pressure to keep it open.
Safety-relief valves are like fuses....they are never really expected to operate, but are there to protect life and property in case of another malfunction.