It may not be. Warn/simmer or seat leakage is sometimes mistaken for set pressure. Visible or audible leakage or system pressure drop is not set pressure. The correct definition of set pressure is:
Variance of set pressure is allowed, i.e., a Section VIII air valve with a nameplate of 100 psig set pressure may open from 97 psig to 103 psig, but will be factory set around 102 psig.
Gage issues may lead to incorrect reporting of set pressure. Ensure the gage is within calibration and is accurate for the pressure being measured. Rapid increases in system pressure (more than 2 psig/second, water hammer, reciprocating pumps) can make the valve appear to be opening early because the gage cannot accurately report the pressure to which the valve is exposed.