The reed valves used as suction valves in reciprocating compressors are more susceptible to damage due to the limitation of the lift limiter which can't completely block the entire valve plate. This article proposed a novel reed valve featuring a redesigned shape aimed to solve this issue. Compared to conventional reed valves, the proposed valve could effectively mitigate the highest stress occurring at the root of the suction valve. To thoroughly investigate the characteristics of this valve type and improve its performance, a three-dimensional fluid–structure interaction (FSI) model was established and validated using experiments. The leakage through the valve gap in the FSI model was solved using a combination of user-defined function (UDF) and Scheme file in Fluent. Based on this FSI model, the dynamic characteristics and stress distribution of the valve were mainly analyzed. The effect of the lift limiter on the performance of the valve was analyzed, and a suitable lift was determined. Moreover, the influence of thickness and shape parameters, was also analyzed and an efficient improved scheme was subsequently proposed. Through this scheme, the maximum stress of the valve was reduced by 23.77% compared with that of the original valves. This article provides important information for the design and optimization of complex-shaped reed valves.