Search relevance modeling is a core task in e-commerce search systems, assessing how well a user query matches candidate products. Rather than relying on a single holistic matching signal, relevance judgment often requires structured reasoning over query understanding, product understanding, and facet-level matching. With large language models (LLMs), this process is increasingly formulated as chain-of-thought (CoT) reasoning and optimized with reinforcement learning (RL). However, existing RL methods mainly rely on outcome-level rewards and treat the entire reasoning chain as a single optimization unit. This makes it difficult to distinguish faulty reasoning steps from correct intermediate ones, leading to misaligned credit assignment. Although process-reward methods provide denser supervision, they often treat reasoning steps independently and ignore dependency-driven error propagation, making responsibility attribution difficult and limiting the optimization of structured relevance reasoning. We propose Graph-GRPO, a graph-structured extension of GRPO for multi-component relevance reasoning. Graph-GRPO constructs a relevance reasoning dependency graph, where CoT steps are modeled as nodes and their logical dependencies as edges. It propagates outcome-level rewards over the graph to derive step-level credit signals, enabling more accurate fine-grained credit assignment. We further introduce a main-loss-driven controller that adaptively adjusts edge-wise credit-propagation coefficients. Together with CoT random masking for supervised policy initialization and graph-node-based multi-head distillation, we build a trainable and deployable framework for generative relevance modeling. Extensive offline evaluations and online A/B tests on a leading e-commerce platform demonstrate that the Graph-GRPO-based framework improves relevance classification metrics and key engagement metrics.