Control valves as important elements in hydraulic systems are used to transport liquid and gaseous media, for example, water, water vapor, and hydrogen. They are mainly used in the power engineering, chemical industry, and so forth. Due to their large dimensions, the verification of hydraulic parameters is problematic. In the case of liquid flow, cavitation can occur, which is mainly characterized by noise, vibrations, or changes of hydraulic parameters. During the incipient cavitation in the valve, there are no noticeable changes in the hydraulic characteristics. The article, therefore, deals with the methodology of determining the cavitation by measuring and evaluating the characteristics of the valve, spectral analysis of noise, and vibrations during water flow. Mathematical modeling is also a suitable tool for determining the extent of cavitation in valve design. Newly created modified cavitation model, where the flowing medium is defined as a mixture of incompressible water and compressible gases (vapor and air), better corresponds to physical principles than the two-phase approach (water and vapor) with experimentally modified density and viscosity. Measured noise and vibration frequency characteristics and mathematically modeled pressure frequency characteristics identify cavitation in the (1 to 10) kHz range. The article proves that when identifying cavitation, the method of measuring hydraulic characteristics fails, but the method of measuring noise and vibrations is suitable in practice, i.e., in real industrial equipment, and the modified cavitation model is suitable for identifying cavitation regions in structural designs of the hydraulic elements.