Rob,
This question is currently the subject of a programme of research and review carried out by the Energy Institute (formerly Institute of Petroleum) in the UK. You might like to follow this link to their website:
https://www.energyin...heat-exchangers
They held a presentation a month ago to present their initial findings, which I watched on a webinar. In their experimental rig, which simulated a burst exchanger tube, the reaction time of the PSV allowed a pressure spike to about double the set pressure with a duration of 6 to 7 milliseconds, before the pressure was relieved. The study has not yet concluded whether a spike of this nature would cause any damage to the equipment or whether it would infringe the design codes. Clearly the nature of the pressure spike would also depend on the size of the equipment relative to the inflow.
They are due to publish a final report with recommended design guidelines in "Q2 2015" which will be in another month or two. This report should then provide the "credible resource" which you and many others would like to have.
The reason for carrying out this joint industry study was the recognition that the use of rupture discs to protect heat exchangers has many disadvantages, and indeed hazardous consequences, such as filling a flare system with cooling water, and PSVs would be better if it can be proved that they will provide adequate overpressure protection.
This is a summary in my own words, but you and other readers would get a clearer and more complete understanding by reading the Energy Institute's own documentation when it is published.
Paul