My understanding is that cavitation occurs in the flow of a liquid when the static pressure drops below the vapor pressure, even intermittently. So even if the time-averaged static pressure (what you might measure) is above the vapor pressure, the pressure fluctuations from turbulence or other unsteadiness could be large enough to cause cavitation locally. So comparing the time-averaged static pressure against the vapor pressure isn't enough; you need to add some extra cushion to account for the pressure fluctuations. (This is my interpretation, not having read too deeply into this.)
So, in various books, websites, and journal articles I have seen two different types of dimensionless numbers for estimating whether the flow through a valve or nozzle cavitates. They are generally called the cavitation index or cavitation number. They take one of two forms:
$$\sigma = \frac{p_\text{in} - p_\text{vapor}}{p_\text{in} - p_\text{out}}$$
or
$$\sigma = \frac{p_\text{in} - p_\text{vapor}}{\tfrac{1}{2} \rho V^2}$$
where $p_\text{in}$ is the inlet pressure, $p_\text{out}$ is the outlet pressure, $p_\text{vapor}$ is the vapor pressure, $\rho$ is the liquid density, and $V$ is some characteristic velocity of the flow (say, in the nozzle case, the velocity at the outlet). Some forms of this number are inversions of the numbers above, but these aren't that different.
What is the difference between these parameters? Based on energy conservation you can relate the pressure drop to the flow rate, but typically there is an empirical coefficient added in to account for non-idealities. Is there something else I am missing?
Is one form preferred over the other? Best I can tell whether to use one or the other depends on what sort of data you have (so, for flow over a turbine blade, the velocity form is preferred), but I've seen both even for nozzles.
Where can I get accurate data to predict cavitation based on these numbers? I've tried using some data on atomizer nozzles from various journal articles but generally they use different forms of the cavitation number. Some of the data suggests the flow through the nozzle will cavitate at the pressures I want, but other data for similar nozzles suggests it won't. I'm not sure what the source of the inconsistency is. My understanding could be faulty, the cavitation number model could be too simplistic, the data could be inaccurate, etc.