First off, if your S&W has a model number, it's generally considered safe to use +P ammunition. There are a few exceptions.
Now, about pressure. There used to be an extensive readable explanation on the Speer website about the differences between copper crusher (CUP) and piezo-electric (PSI) pressure measurements and the difference between standard and +P pressures. Also a discussion about the different maximum pressures for ammunition [MAP, MPLM and MPSM]. Unfortunately, it isn't there anymore. MAP, or Maximum Average Pressure is the value most manufacturers use as it's intended to make exceeding the MPLM (Maximum Probable Lot Mean) value very unlikely. The Maximum Probable Sample Mean seems intended to establish the very outer boundary of pressure a random sample might produce.
Short form: per SAAMI documents, there is a difference between maximum average pressure for standard pressure loads and +P loads. Standard MAP for .38 Spl is 17,000 CUP/ 17000 psi. The +P MAP is 20,000 CUP/ 18500 psi.
So, are today's pressures lower than those of yesteryear? Contrary to popular belief, most ammunition is loaded to a velocity specification below MAP for the cartridge. The reduced velocities seen today are due to modern testing being done in barrel lengths that match most handguns in that caliber rather than in the test barrel length specified by whoever developed the cartridge (8 some inches for the .38 Spl.).
Now, were there some loads at some point in time loaded to damn the pressures level? Yes. the factory .38-44 loads in standard 38 Spl cases were intended only for use in heavy frame revolvers. They approached the later .357 Magnum in velocities and probably exceeded it's MAP. Various other sources have done similar things. I rather expect that some boutique ammo makers flirt with the .38 +P PSLM limit of 19,900 psi, if they pressure test.
If someone has some old stuff they're convinced exceeds todays limits, put up some ammo and let's crowd fund a test by HP White or someone similar for pressure.