The present work extends a recently developed quasi-2D flow model for fluid transients in elastic pipes to accommodate fluid–structure interaction mechanisms. In this context, the primary goal of the proposed approach is to analyze energy transfer and dissipative effects in the fluid–pipe system. The fluid–structure interaction couples the flow dynamics with the axial movement of the tube, giving rise to friction, Poisson, and junction coupling mechanisms to take place. The mechanical model mathematical structure forms a quasi-linear hyperbolic system of partial differential equations for which approximated solutions are sought by employing the method of characteristics. The proposed model reproduces classical benchmark solutions and presents a good agreement with experimental data. In addition, the whole thermomechanical consistent framework in which the model is established allows an accurate description of the flow’s internal structure. This feature allows a better comprehension of the phenomenon when compared to the classic frictionless and quasi-steady-friction-based four-equation models. The present approach allows a better description of the friction coupling mechanism and unveils uneven shear stress distributions in the unsteady flow. As a result, the energy dissipation in the fluid is captured with accuracy. Due to the absence or limited ability to describe these dispersive and dissipative effects, the traditional approaches are proved to lose their accuracy as the fluid transient goes. The coupled and uncoupled models are also analyzed and are proven to respond differently due to localized pipe–fluid interface effects in addition to the bulk mechanisms of transfer of energy that occur differently in both approaches.