Innovative reactor designs like small modular reactors (SMRs) have the potential to operate in a natural circulation (NC) boiling mode, but this mode introduces flow oscillations that pose a risk to nuclear safety. Therefore, it is essential to investigate the effects of various parameters on these oscillations. This study focuses on predicting the operational behavior of the Integral PWR-type SMR Test Rig (iPSTR) when operating in NC and subcooled boiling conditions. The iPSTR replicates an NC boiling loop with a vertical heater, vertical cooler configuration, high-temperature and high-pressure conditions, and nonuniform diameter structure. Using the RELAP5 model, thermal-hydraulic simulations were performed to anticipate how varying degrees of inlet subcooling affects parameters such as mass flow rate and void fraction, with experimental data used to validate the model’s accuracy. This investigation covers a range of process conditions, including system pressures from 5 to 20 bars, core input power varying from 8.5 to 14.5 kW, and degrees of inlet subcooling from 1 to 49 K. The results reveal that increasing input power leads to higher average mass flow rates, while at a constant system pressure, higher input power stabilizes flow rates at higher degrees of inlet subcooling. Moreover, reduced and more consistent oscillation amplitudes and frequencies at higher core power result at more elevated system pressure, enhancing the safety of the iPSTR facility.