In previous research, a bionic hydraulic pipeline (BHP) with a three-layer structure for absorbing pulsation was invented. This paper proposes to disperse single-walled carbon nanotubes (SWCNTs) in the elastic layer material, namely silicone rubber (RTV), to enhance its ability to absorb pulsation. Firstly, the RTV-SWCNTs composite specimens with different SWCNT proportions are prepared and tested. It was found that the mechanical property is optimal when the volume content of the SWCNTs is 0.5 vol%. On this basis, BHPs with RTV-SWCNTs composite material as the elastic layer are fabricated to study the influence of the thickness and length of the elastic layer on the absorption flow pulsation. The results show that the addition of SWCNTs significantly improves the mechanical properties of silicone rubber and reduces the friction between the elastic material and oil, so that the BHP can absorb the pressure pulsation better. With the appropriate thickness and length of the elastic layer, the addition of SWCNTs can increase the pulsation suppression effect by 20%. Moreover, to analyze the influence of nanomaterials on pipeline friction, a comprehensive fourteen-equation model for describing the fluid–structure interaction (FSI) of the pipe conveying fluid considering friction coupling is established. And through numerical analysis and modal tests, the evaluation error for the modified dynamic model of the BHP is less than 5%, verifying the correctness of the proposed model and solution method.