We have investigated experimentally the pressure dependence of the production of ultracold neutrons (UCN) in superfluid helium in the range from saturated vapor pressure to 20bar. A neutron velocity selector allowed the separation of underlying single-phonon and multiphonon pro- cesses by varying the incident cold neutron (CN) wavelength in the range from 3.5 to 10{AA}. The predicted pressure dependence of UCN production derived from inelastic neutron scattering data was confirmed for the single-phonon excitation. For multiphonon based UCN production we found no significant dependence on pressure whereas calculations from inelastic neutron scattering data predict an increase of 43(6)% at 20bar relative to saturated vapor pressure. From our data we conclude that applying pressure to superfluid helium does not increase the overall UCN production rate at a typical CN guide.