All of you are working too hard on this solution. The reason the compressor kicked on in the first place is because the pressure in the compressor tank dropped below what the pressure switch needed to stay off. You already have a 220 volt switch on the compressor - it's hooked to the low pressure switch.
Hook a timer or other device into the pressure switch circuit. The manner in which you do it will depend on what the design of your compressor is. Your pressure switch may be electrical - in that case your job is easy. Just interrupt the signal from the switch with some kind of timer. If you have a mechanical low pressure switch, you might have to devise some way of holding pressure on the switch while the tank drains down, or a way of interrupting the mechnical signal to the electrical switch that turns on the motor when the pressure is low.
