In hydraulic systems, valves can be considered as fundamental components. They serve as control elements to regulate hydraulic power transmission. In order to minimize control effort, self‐regulating spool valves enjoy great popularity. However, their disadvantage is a possible loss of stability, caused by the coupling between hydraulic and mechanical degrees of freedom via pressure feedback areas. So far, the self‐excited oscillations, evoked from the operating point's loss of stability, have mostly been investigated using minimal models of individual valves. In real world applications, for example in automotive transmissions, typically several valves are employed which are coupled by hydraulic pipes. Here, it is expected, that dynamical phenomena occur, which cannot be portrayed by simple models of individual valves. Within this contribution, the oscillatory behaviour of a system employing two coupled self‐regulating valves is discussed. The resulting non‐stationary solutions are characterized by using Floquet theory and computing Lyapunov‐Exponents.