The role of innovation in the current context has led several governments to develop public policies capable of influencing public management. In view of this, this study aims to understand to what extent the relational approach of institutional theory can contribute to understanding the organization of production systems in certain innovation environments. To this end, a qualitative case study was conducted through the investigation of the Pernambuco Innovation System (SPIn). Documentary research and interviews were adopted as the research method. Regarding the results, SPIn analyses were carried out based on three dimensions: regulations; organizations; and institutions. Finally, it is suggested that an alternative path be indicated for the viability of the new Science, Technology, and Innovation Strategy for Pernambuco (2023–2027), through the adoption of a regulated and short-term regional governance structure.