think he might be referring to the feed/return loop. my knowledge of P-Pump is still limited, but on injection systems you generally pressure the whole fuel rail and on the return to tank run your regulator for pressure. So the pump is always maintaining its head pressure to the rail and the excess is spilled off.
I will speak in the terms of a common manifold for an injections system. If you wanted 60PSi at the manifold, you would set the regulator up at 60. If at WOT full fuel flow you gain 15PSI of line pressure drop, if you had your regulator before the manifold, the manifold would see the drop and read 45PSI. but if you had your regulator after the manifold, you would now see the drop as the pump would pick up the excess and maintain your manifold pressure at 60.