A pressure regulator having a housing that defines a gas inlet, a gas outlet, and a reference pressure connector. A diaphragm is provided in the housing, where the diaphragm defines, at least in part, a reference pressure chamber. In some illustrative embodiments, the reference pressure connector fluidly references the reference pressure chamber to a first pressure via a first orifice, and to a second pressure via a second bleed orifice. A gas valve incorporating a pressure regulator is also disclosed.