Wotcha,
In terms of the basic calculation methods, the problem your are considering is very adequately covered in API 520/521. However, I suspect that your question refers to general engineering practice rather than calculation methods?
The safety valve needs to be sized to accommodate the vaporization of the liquid contents of the vessel AND heating of the unwetted dry portion of the vessel. You need to separately determine the relief area required for vaporization and then add that to the area required for the unwetted dry portion of the vessel.
For vaporization of the contents I'd recommend that you assume that there is a 1" layer of condensate on top of the TEG. The condensate will vaporize long before the TEG\Water mixture reaches its boiling point. In fact I doubt if you'd get the TEG\Water mixture to boil at 40 bara before the vessel ruptured, so in practice it will contribute very little to the vaporization load. As far as the condensate composition is concerned I'd base it on the condensate collected in the scrubber directly upstream of the TEG contactor. This is reasonable, as condensate will have entered the TEG contactor due to carryover from the upstream scrubber.
The other thing that you must consider is the requirement for blowdown. Fire relief valves by themselves do not protect a vessel from rupturing. To stop a vessel rupturing you need to remove the heat input (i.e. by extinguishing the fire) and by reducing vessel stress levels (by reducing the internal pressure). You should therefore ensure adequate deluge coverage is provided and that a suitably sized blowdown system is also installed.
Hopefully this helps?
Rgds