Chances are that the position feedback from a valve positioner is a loop powered AO 'option' card on the positioner with fair degree of isolation.
The 1734-IEC2 provides voltage for loop power. The manual has a note for the integrated 12/24V DC supply "Not protected, 0.30 A maximum"
I'm not sure what "not protected" means; lack of a crowbar if short-circuited? But 300mA is far more than even two loop powered outputs need, so the power supply should be stiff enough to not droop the loop current.
Plus most loop powered devices are fast responding enough to change their internal resistance to maintain the loop current even when the power supply droops, as long as the droop doesn't go below the voltage needed to drive the current through the loop resistance.
It could be noise, but if the cable is shielded twisted pair, then induced noise current in reverse polarity has to be pretty intense to drop a current signal 5%. And only for a half second? Of course on another forum the Modbus problem turned out to be non-twisted, non-shielded, parallel conductors so cabling does count.
I've never run into nor heard of an insufficiently earthed valve building up a static charge. But I could see that happening and if the discharge path is through the AO circuit, it could affect the current. The half second duration due to AO circuit filtering?
Is the positioner brand/model trusted enough to not have a firmware issue ? Outsourced firmware development in the past decade has lead to some process instrumentation errors that were unheard of in previous generations.