Raj,
Although used interchangeably all the time (most people think of RV, PSV, PRV all as the same thing), the terms can be associated as follows:
Safety: Vapor
Relief: Liquid
Safety Relief: Both
API Std. 520 Part I discusses the difference between valves designed for liquid relief and those for vapor relief (it has a lot to do with valve seat design). API Std. 520 Part I goes on to explain the constraints of using vapor-trim valves in lquid service (impact on capacity, etc.). It's a bit of a sordid subject and philosphies for when to use what differ among valve vendors, engineering firms, and operators.
Typically, you trim your valve based on the controlling scenario. Blocked pump discharge? Use a liquid relief valve. Blocked outlet on a compressor? Use a vapor relief valve. Mutliple potential relief phases/scenarios? Consider a dual-certified conventional valve or even a pilot-operated valve.
Justin