Pulsators are widely used to study the dynamic characteristics of liquid flow components. However, it is difficult to adapt the existing actuators to the excitation requirements under high pressures, low temperatures, and toxic media. This study describes the design of a novel pressure pulsation device and presents the results of simulations and experimental tests. The flow field is simulated under a series of working conditions, and the effects of the rotation speed, flow rate, inlet pressure, and gap between the rotor and stator on the peak-to-peak amplitude, spectral amplitude, and flow resistance coefficient of the actuator outlet are analyzed. A prediction model for the corresponding parameters is developed using multiple linear regression. In high-pressure (20 MPa) hydraulic pipeline tests, the excitation device can generate pulsating flow with peak-to-peak amplitudes of more than 7 MPa in the time domain and 2 MPa in the frequency domain. The upstream and downstream regions of the internal flow field are periodically joined and detached by the blade rotation, which results in periodic variations in flow velocity and pressure. The relative error between the model predictions and the three-dimensional simulation and experimental values is less than 7%, satisfying industrial requirements. This work facilitates a solution to the problem of dynamic excitation when analyzing the response characteristics of fluid equipment in high-pressure pipelines and provides a method for forecasting actuator output effects.