Industrial ecology (IE) is the process of constructing industrial-ecological systems (IES) with the realization of the mutual benefits for industrial system (IS) and ecological system (ES). Therefore, the IE level depends on the IES development and the relationship between IS and ES. This paper calculated the development index of ES and IS to account for IES development and adopted the grey Lotka–Volterra to analyze the relationship between IS and ES. Choosing the π-shaped curve area in the Yellow River basin of China as the study area, this paper analyzed its IE level and influence factors from 2005 to 2019. Findings include: (1) The development level of IES in the Area presented significant spatial differentiation and could be classified into three levels. (2) IS and ES remained in the stage of isolated development or mutual restriction. (3) IE was found to be positively correlated with scientific innovation, economic development, openness degree, pollution control, and industrial structure while negatively correlated with urbanization, resource consumption, and government influence.