Liquid slugging is a fatal fault for large process compressors, leading to transient overpressure, the deformation and fracture of vital pressure-bearing parts, and even gas leakage or explosion. In the study reported here, to reveal the mechanism of overpressure formation, numerical simulations were conducted by means of the volume-of-fluid method to explore the dynamic evolution characteristics of the two-phase flow pattern. Then, high-speed photography was applied to capture the dynamic changes of the liquid boundary in the modified cylinder from different views, thus realizing the validation of the numerical model. This study reveals the significant influence of increased rotational speed on fluid flow patterns, impeding liquid discharge and exacerbating overpressure events. Additionally, changes in pressure waveform and a distinctive waveform feature were identified as effective diagnostic indicators for detecting fluid slugging. Next, a nondestructive pressure monitoring reconstruction method based on measuring bolt strain was proposed. The strain-based pressure showed good agreement with the simulated results, thereby validating its effectiveness and feasibility as an early warning indicator for liquid slugging. This study offers new perspectives on the failure mechanism of liquid slugging in reciprocating compressors by delving into the behavior of two-phase flow, with the potential to enhance the theoretical foundation of compressor condition monitoring and fault diagnosis.