With the rapid development of rail transit, the excavation of new foundation pits will inevitably approach or pass through existing structures. Therefore, choosing a reasonable support scheme can effectively control the deformation of the foundation pit and ensure the safety of existing structures. This paper investigates the excavation of a typical foundation pit in Guangdong that underpasses a viaduct as the research object. This study uses field monitoring and numerical simulations to analyze the deformation characteristics of the supporting structure and introduces grey relational analysis (GRA) to investigate the key factors that influence the maximum horizontal deflection of the retaining wall. The results indicate that all monitored values are substantially less than the warning value specified in the code. Moreover, the horizontal deflection of the retaining wall and the horizontal displacement of the top of the wall at the measuring points near the existing bridge piles are smaller than at other measuring points. This support system has a high safety factor and a large space for optimization. The main factors affecting the maximum horizontal deflection of the retaining wall are as follows: second strut horizontal spacing > first strut horizontal spacing > layered excavation thickness > retaining wall thickness > retaining wall stiffness. The results of this study will provide technical guidance for the design of similar projects and optimization of their construction.