With electron filling $n=1$ in the $\rm Sr_2VO_4$ compound, the octahedrally coordinated $t_{\rm 2g}$ orbitals are strongly active when the tetragonal distortion induced crystal field is tuned by external agent such as pressure. Considering the full range of crystal field induced tetragonal splitting in a realistic three-orbital model, collective spin-orbital excitations are investigated using the generalised self consistent plus fluctuation approach. At ambient pressure, an entangled orbital + antiferromagnetic order is found to be stabilised beyond a critical value ($\sim$ 30 meV) of spin-orbit coupling which is in the realistic range for 3d ions. The behaviour of the calculated energy scales of collective excitations with crystal field is consistent with that of the transition temperatures with pressure as obtained from susceptibility and resistivity anomalies in high-pressure studies.