Are you sure you're not referring to the Schrader valve? This is used mainly for diagnostic purposes to ensure the fuel rail is operating at the correct pressure. You can hook up a gauge to this port.
IIRC, the Renix systems use a bypass system that is always dumping fuel back into the tank at a certain rate so that the fuel pressure remains at the correct value (inlet pressure is constant). The vacuum-operated regular on the front of the rail controls this bypass operation.
On later XJs (such as my '98), there is no bypass -- the fuel pump duty cycle changes to arrive at the desired pressure.
If it's really a "pressure relief" valve that isn't there, maybe you have the wrong style of fuel rail.