Isovolumetric ventricular relaxation is a phase in the cardiac cycle where the ventricles relax after systole, and all heart valves are closed, resulting in no change in ventricular volume. This period occurs between the closure of the aortic and pulmonary valves and the opening of the mitral and tricuspid valves. During this time, pressure within the ventricles decreases, leading to a drop in myocardial tension while preparing for the next filling phase.