Current research on pilot-operated relief valve stability is primarily conducted from the perspective of system dynamics or stability criteria, and most of the existing conclusions focus on the spool shape, damping hole size, and pulsation frequency of the pump. However, the essential factors pertaining to the unstable vibration of relief valves remain ambiguous. In this study, the dynamic behavior of a pilot-operated relief valve is investigated using the frequency-domain method. The result suggests that the dynamic pressure feedback orifice is vital to the dynamic characteristics of the valve. A large orifice has a low flow resistance. In this case, the fluid in the main spring chamber flows freely, which is not conducive to the stability of the relief valve. However, a small orifice may create significant flow resistance, thus restricting fluid flow. In this case, the oil inside the main valve spring chamber is equivalent to a high-stiffness liquid spring. The main mass–spring vibration system has a natural frequency that differs significantly from the operating frequency of the relief valve, which is conducive to the stability of the relief valve. Good agreement is obtained between the theoretical analysis and experiments. The results indicate that designing a dynamic pressure feedback orifice of an appropriate size is beneficial to improving the stability of hydraulic pilot-operated relief valves. In addition, the dynamic pressure feedback orifice reduces the response speed of the relief valve. This study comprehensively considers the stability, rapidity, and immunity of relief valves and expands current investigations into the dynamic characteristics of relief valves from the perspective of classical control theory, thus revealing the importance of different parameters.