A pressure regulator includes a valve body that defines an inlet and an outlet for a fluid flow through the valve body, a poppet that is moveable within the valve body between an open position and a closed position to control the fluid flow from the inlet to the outlet, and a pressure regulating mechanism that controls a position of the poppet between the open and closed positions. The pressure regulating mechanism includes a diaphragm and a compression spring, and a force balance between the diaphragm and the compression spring determines the position of the poppet. The pressure regulating mechanism further includes a static pressure tap configured to apply a static pressure to the diaphragm, and a dynamic pressure tap configured to apply a dynamic pressure to the diaphragm. The dynamic pressure tap is located at an annular opening adjacent to the poppet, and an area of the annular opening varies with the position of the poppet to vary the dynamic pressure applied to the diaphragm.