If the fuel pump is running, but no pressure is generated, the next step usually presented in the diagnostic tree is to determine if there is fuel being returned to the tank. A few methods can be used:
1) audible - sometimes by listening to the tank, you can hear the fuel running into the tank. This can be the least reliable.
2) Carefully clamp off one of the soft sections in the return line. If the pressure jumps up, that indicates flow through the return line. If the pressure stays low, there is no flow getting past the regulator.
3) Disconnect the return line somewhere (at the regulator might be the easiest), then run the pump "briefly" (need to be prepared for gasoline to come out of this line).
In all cases, if gasoline is getting past the regulator when the pressure is low, that indicates that the regulator is stuck open. If there is no flow past the regulator, then there is something upstream of the regulator/fuel rail that is preventing the system from generating any pressure.