If you have a dryer and you are still expelling water then your dryer isn't functioning properly. If this is a safety type relief valve then your regulator is allowing excessive air pressure through the line. I would have the subcontractor whom installed this for you (or whomever did) come in and very it was installed correctly and that the dryer can handle the air capacity. Zeis should also be very helpful with this. Try contacting the service engineer who installed it. He will be directly related to your set-up and have better understanding. Good luck.
Regards,
Terry W. Prather
Metrologist
BOSCH
AIRFLOW SYSTEMS GROUP
1613 Progress Dr.
Albion, IN 46701
Phone: (219)636-4299
Fax: (219)636-1106
E-Mail: mailto:terry.prather@us.bosch.com