The liquid mercury target system for the Japan Spallation Neutron Source (JSNS) at the Materials and Life science experimental Facility (MLF) in the Japan Proton Accelerator Research Complex (J-PARC) is designed to produce pulsed neutrons. The mercury target vessel in this system, which is made of type 316L stainless steel, is damaged by pressure wave-induced cavitation due to proton beam bombardment. Currently, cavitation damage is considered to be the dominant factor influencing the service life of the target vessel rather than radiation damage. In this study, cavitation damage to the interior surface of the target vessel was predicted on the basis of accumulated damage data from off-beam and on-beam experiments. The predicted damage was compared with the damage observed in a used target vessel. Furthermore, the effect of injecting gas microbubbles on cavitation damage was predicted through the measurement of the acoustic vibration of the target vessel. It was shown that the predicted depth of cavitation damage is reasonably coincident with the observed results. Moreover, it was confirmed that the injection of gas microbubbles had an effect on cavitation damage.