Oil–air lubrication technology is commonly utilized in the lubrication design of traditional components to reduce friction between contact pairs. This study focuses on testing the point-contact friction pairs of two quantitative valves using a self-made oil–air lubrication traction force machine with a G95Cr18 disk and ball as the friction pairs. The test data are analyzed using a four-parameter exponential model. Additionally, a calculation model of the oil–air lubrication flow field is established, defining boundary conditions and conducting flow field simulation analysis. The results of the ball and disk test show that the traction coefficient increases with load and decreases with entrainment speed. Furthermore, when the air-speed is 12 m/s, the traction coefficient is lower for the oil supply of 6 mL/min than for the oil supply of 1.5 mL/min. According to CFD analysis, the volume fraction of the oil phase in the contact area increases with the increase of entrainment speed when the slip–roll ratio is 0.1. The theoretical values from the four-parameter exponential model align well with the experimental results, and the fitting accuracy is higher than 0.95.