The TRACE code was validated against the flashing-induced density wave oscillation in the SIRIUS-N facility at low pressure (from 0.1 to 0.5 MPa) as a part of the international CAMP-Program of USNRC. The SIRIUS-N facility is a scaled copy of natural circulation BWR (ESBWR). Stability map of TRACE agrees with that of SIRIUS-N facility at low subcooling region, though instability observed in the lower heat flux and higher subcooling region from the stability limit of experiment. The TRACE code demonstrates the flashing-induced density wave oscillation characteristics: The oscillation period correlates well with the transit time of single-phase liquid in the chimney regardless of the system pressure, inlet subcooling, and heat flux. Unlike Type-I and II density wave oscillations, the inlet or exit throttling does not affect stability boundary and oscillation amplitude of flashing-induced density wave oscillations significantly. Increasing pressure decreases oscillation amplitude. The comprehensive validation confirms that the TRACE code can demonstrate thermal-hydraulic stability of natural circulation BWRs.