To account for changes in the performance of spillway aerator structures of high-altitude dams, depressurization generalized model experiments and theoretical analyses were conducted in this study. Measurements were taken for ventilation hole air velocity, cavity subpressure, cavity length, and air concentration in crucial regions. The study proposed correction formulas for the aeration coefficient and water air concentration in aerator devices operating under low atmospheric pressure. The pressure range of the experiments was between 26.3 kPa and 101.3 kPa. The results indicated that with decreasing atmospheric pressure, ventilation hole air velocity, ventilation volume, cavity subpressure, and water air concentration all showed a decreasing trend. For every 15 kPa decrease in pressure, ventilation hole air velocity decreased by approximately 24%. When the atmospheric pressure dropped from 101.3 kPa to 26.3 kPa, the cavity subpressure decreased and eventually approached zero. The maximum reduction in air concentration was 14.9% in the cavity backwater area, 38.5% at the cavity end, and 38.3% in the downstream bubble escape segment. The proposed correction formulas could be used for a rapid estimation of ventilation volume and air concentration in low-pressure environments. This research provides a scientific basis for the design of aeration devices in water projects located in high-altitude regions.