Numerical prediction of cavitation erosion is a great scientific and technological challenge. In the past, many attempts were made—many successful. One of the issues when a comparison between a simulation and erosion experiments is made, is the great difference in time scale. In this work, we do not attempt to obtain quantitatively accurate predictions of erosion process but concentrate qualitatively on cavitation mechanisms with quantitative prediction of pressure pulses which lead to erosion. This is possible, because of our recent experimental work on simultaneous observation of cavitating flow and cavitation erosion by high speed cameras. In this study, the numerical simulation was used to predict details of the cavitation process during the vapor collapse phase. The fully compressible, cavitating flow simulations were performed to resolve the formation of the pressure waves at cavitation collapse. We tried to visualize the mechanisms and dynamics of vapor structures during collapse phase at the Venturi geometry. The obtained results show that unsteady Reynolds-averaged Navier–Stokes (URANS) simulation of cavitation is capable of reproducing four out of five mechanisms of cavitation erosion, found during experimental work.