RELAP5 is a system thermal-hydraulic code that is used to perform safety analysis on nuclear reactors. Since the code is based on steady state, two-phase flow regime maps, there is a concern that RELAP5 may provide significant errors for rapid transient conditions. In this work, the capability of RELAP5 code to predict the oscillatory behavior of a natural circulation driven, twophase flow at low pressure is investigated. The simulations are compared with a series of experiments that were performed in the CIRCUS-IV facility at the Delft University of Technology. For this purpose, we developed a procedure for calibration of the input and code validation. The procedure employs (i) multiple parameters measured in different regimes, (ii) independent consideration of the subsections of the loop, and (iii) assessment of importance of the uncertain input parameters. We found that predicted system parameters are less sensitive to variations of the uncertain input and boundary conditions in high frequency oscillations regime. It is shown that calculation results overlap experimental values, except for the high frequency oscillations regime where the maximum inlet flow rate was overestimated. This finding agrees with the idea that steady state, two-phase flow regime maps might be one of the possible reasons for the discrepancy in case of rapid transients in two-phase systems.