A combined spring brake modulating relay valve integrates the functions of a relay valve and a modulating valve. The housing includes a valve assembly movable in response to air pressure provided to selected ports in the housing. A relay piston selectively communicates with a control port and a primary brake circuit port. A modulating piston includes surfaces selectively pressurized by the primary brake circuit port and a secondary brake circuit port. This modulates the pressure from the delivery port to thereby selectively apply the associated spring brakes if a failure is detected at the primary brake circuit port. The exhaust member selectively controls communication between the supply and delivery ports as necessary.