In the world of plastic piping, the formula is different, because the material doesn't yield. For isotropic plastics, B31.3 shows piping as:
$$ p = \frac{2St}{D-t} $$
Where D, t and S remain the same as above. However, the allowable strength (S) is given by an applicable ASTM specification, which functions the same as the yield stress - but is not always based on the materials ultimate strength.
Composite piping, being composed of Orthotropic laminates, doesn't have a well defined strength - the material is designed with the pipe. In these cases, the original assumption that pipes are tested until failure is absolutely correct. B31.3 states again:
$$ p = \frac{2SFt}{D-t} $$
Where a new factor, F is introduced. S is obtained from the Hydrostatic Design Basis - and it is essentially an S-N Curve for that particular sequence of lamination. F allows conversion between the two tests - 0.5 for the static test, 1.0 for the dynamic test.
ASME is currently reviewing this method - and this is an exciting new area of development for them as they are generating a new piping standard to relieve the industry of the expensive and extensive HDB testing requirement.
Quality testing mandated by ASTM D2996 / ASTM D2992 ensures the piping is made the same way - any change in the formula requires a re-test. Using this method, composite piping is typically designed for a 50 year life-cycle.