The following work is motivated by the desire to devise an internal pressure test that can mimic a displacement-controlled loading scenario and demonstrate how to apply the multiaxial stress and strain data from the test to develop an elastic/plastic constitutive model for a thin-walled tubular component. This is achieved by conducting simultaneous measurements of tangential and axial strain during the pressure test and integrating these strain measures into a feedback loop with the pressure controller. It is shown how data from such a test can be used to develop a large mechanical property data set relevant to biaxial loading conditions. The data obtained have high confidence evidenced by their low variability and alignment with other literature studies. Additionally, data from these internal pressure tests combined with full-tube axial tensile tests allow for the derivation of the Hill anisotropic yield function. The developed Hill yield function is validated by comparing the plastic strain ratios from the full-tube tension tests and by comparing the predicted yield stress in the tangential direction with measured values from ring tension tests in a previous study.