High-speed, pressure-compensated variable displacement piston pumps are widely used in aircraft hydraulic systems for their high power density. The swash plate is controlled by the pressure-compensated valve, which uses pressure feedback so that the instantaneous output flow of the pump is exactly enough to maintain a presetting pressure. The oscillation of the swash plate is one of the major excitation sources in the high-speed piston pump, which may cause lower efficiency, shorter service life, and even serious damage. This paper presents an improved model to investigate the influence of the variable displacement mechanism on the swash plate oscillation and introduces some feasible ways to reduce oscillation of the swash plate. Most of the variable structural parameters of the variable displacement mechanism are taken into consideration, and their influences on swash plate oscillation are discussed in detail. The influence of the load pipe on the oscillation of the swash plate is considered in the improved model. A test rig is built and similarities between the experiments and simulated results prove that the simulation model can effectively predict the variable displacement mechanism state. The simulation results show that increasing the volume of the outlet chamber, the spring stiffness of the control valve, the action area of the actuator piston, and offset distance of the actuator piston can significantly reduce the oscillation amplitude of the swash plate. Furthermore, reducing the diameter of the control valve spool and the dead volume of the actuator piston chamber can also have a positive effect on oscillation amplitude reduction.