A 2-way, diaphragm actuated, spring-loaded pressure reducing pilot valve, applicable for service on pressure reducing, deluge and pre- action valve trims. The pilot modulates to maintain a steady, pre-set downstream pressure, regardless of upstream pressure or flow rate fluctuations. As downstream pressure falls below the set point, it opens a full passage between its “In” and “Out” ports, relieving the valve’s control chamber to the downstream and allowing the valve to open. As downstream pressure rises above the set point, the PRF throttles, restricting the flow out of the valve’s control chamber, keeping its position or closing the valve (if necessary).