Ambrosiaster, a 4th century commentator whose identity is somewhat mysterious, was commenting on the Latin version and not the Greek version of the text, but I think his explanation is still relevant:
The Holy Spirit rejoices in our salvation not for himself, since he
has no lack of blessedness. But if we have disobeyed the Spirit, we
have grieved the Spirit. His work in us is cut short, just when he
wishes us to belong to life. Yet he is not grieved in such a way as to
suffer in a literal sense. For God the Spirit is invisible and not
subject to physical suffering. When Paul says the Spirit is “grieved,”
he speaks metaphorically on our account to show that the Spirit leaves
us to our own self-will when we have, so to speak, wounded him by
despising his admonitions1
In this case, one could almost drop "frustrate" here, I think: the Holy Spirit is grieved because we are disregarding what is beneficial for us and following our own will. Paul lists what grieves the Holy Spirit in the surrounding verses: Let no corrupt communication proceed out of your mouth (v.29), eschew all bitterness, and wrath, and anger, and clamour, and evil speaking (v.31).
Chrysostom, commenting in Greek, also touches on the relation between disregard and grieving the Spirit:
This is a particularly awful and fearful saying. It reminds us of what
he said to the Thessalonians: “Whoever disregards this disregards not
man but God.”2 … If you say an arrogant word, if you strike
your brother, you have not merely hurt him but have grieved the
Spirit. He contrasts such arrogance with the benevolence of God in
order to sharpen the admonition.3
It seems, though, that the verb λυπέω is also used to simply mean to be sorry or feel sorrowful. It is used in this sense, for example, by Paul in describing mourning the loss of someone who died:
1 Thessalonians 4:13
Οὐ θέλομεν δὲ ὑμᾶς ἀγνοεῖν, ἀδελφοί, περὶ τῶν κεκοιμημένων, ἵνα μὴ
λυπῆσθε καθὼς καὶ οἱ λοιποὶ οἱ μὴ ἔχοντες ἐλπίδα.
But I would not have you to be ignorant, brethren, concerning them which are asleep, that ye sorrow not, even as others which have no
The same word is also used (in the Septuagint) to express sorrow/grief as a sort of disappointment, as in:
Genesis 4:5 LXX
ἐπὶ δὲ Καιν καὶ ἐπὶ ταῖς θυσίαις αὐτοῦ οὐ προσέσχεν. καὶ ἐλύπησεν
τὸν Καιν λίαν, καὶ συνέπεσεν τῷ προσώπῳ.
But Cain and his sacrifices he regarded not, and Cain was exceedingly sorrowful and his countenance fell.
In secular writings, the word is, according to Lidell-Scott, used to mean "vex", "distress", or even to "harass" in a military sense, as well as to cause emotional pain (follow link for examples).
1 Commentary on the Epistle to the Ephesians, IV.30
2 1 Thessalonians 4:8
3 Homily XIV on Ephesians