The flow in the gap between the reed and the valve seat has a significant influence on the dynamic characteristics of the reed valve used in reciprocating compressors. The fluid–structure interaction (FSI) method is an effective method for studying reciprocating compressors. A three-dimensional FSI model of a reciprocating compressor with a reed valve is established in this paper, which has an important influence on the flow rate characteristic of reciprocating compressors. Furthermore, an experimental investigation is implemented to verify the FSI model. Based on the established FSI model, the pressure distribution on the reed valve surface is identified by varying the height of the suction valve limiter and the rotational speed of the compressor, which has an important effect on the dynamic characteristics of the reed valve. Although the low-pressure region, due to the Bernoulli effect on the surface of the reed, hinders the rapid opening of the valve to some extent, it is obviously beneficial to the timely closure of the valve and increases the volumetric efficiency of the compressor. Moreover, the optimal height of the valve limiter and the appropriate rotational speed of the compressor are obtained.