In addition to what has already been said, the use of the term "let down valve" often conotes that it is acting in lieu of some other device that normally reduces the steam from one pressure to a lower one, such as a steam turbine operating at a given inlet pressure and exhausting or extracting to a lower pressure.
When the turbine is off line, or is not passing enough flow to satisfy the requirements of the lower pressure header, some of the steam is "let down" as opposed to the operation of a "pressure reducing valve", whose function from day one is to reduce pressure from one level to another one.
This is not a cast in concrete definition, but just a connotative use of the term instead of just calling it a pressure reducing valve.
rmw