This research article investigates transient hydraulic effects, particularly water hammer phenomena, in a hydropower plant (HEPP) through a comprehensive mathematical model and simulation analysis. Utilizing methods of characteristics and FORTRAN programming, the study develops a model that incorporates water hammer considerations, including friction, in the water conveyance system of the HEPP. The system layout encompasses an upstream reservoir, penstock, turbine unit, and downstream reservoir. The research explores the influence of guide vane closure and pressure regulating valve (PRV) opening and closing laws on pressure variations, mass oscillations, and water level fluctuations within the system. Numerical results indicate that PRV failure may not significantly impact turbine speed, but it results in excessive pressure oscillations in the spiral casing head, exceeding allowable pressure control values. The study identifies a critical PRV diameter of 0.6m, causing a maximum pressure in the spiral case of 370m, surpassing the acceptable limit of 250m, with a speed rise rate exceeding 50%. Conversely, a PRV diameter greater than or equal to 0.9m leads to unnecessary water energy loss. The findings emphasize the importance of carefully selecting PRV parameters to optimize system stability and efficiency. The study's comprehensive analysis provides valuable insights into the interplay of various parameters, contributing to a scientific basis for optimizing operational parameters and ensuring reliable and efficient hydropower plant performance.