This article presents a numerical investigation of the cavitation-induced fluid transient in cryogenic feedlines generated due to rapid valve closure. A computational model has been developed to simulate fluid flow using a one-dimensional finite volume approach. It uses network flow analysis with nodes and branches and is implemented using the Generalized Fluid System Simulation Program (GFSSP). This model is used for predicting the pressure fluctuations. The unsteady friction formulation is utilized for accurate wall shear stress calculation, and a homogeneous mixture model is used for two-phase flow modeling. The computational results obtained with the present formulation are compared with the Method of Characteristic (MOC)-based results and experimental results available in the literature. It is observed that low residual in flow variable calculation improves the solution, providing numerically stable results. GFSSP is able to reproduce the fluid transient peak due to vapor collapse. Subsequently, it can retain the shape of a pressure wave for two-phase fluid transients, but it is dampening faster compared to experiments. Further investigation is required with a set of experiments to validate the present numerical approach for different experimental data.