A basic timer with changeover contacts that energizes after a certain time will do...
That's exactly what i would do... and the theory is simple:
You're looking specifically for an "out of normal range" cutoff circuit.
You use a pressure switch to detect an extreme low pressure (like... lower than your minimum operating pressure would ever fall...) and an adjustable timer (set to some arbitrary value at first, but trimmed-to-suit) where:
A) you would expect the compressor to be able to bring up system pressure beyond your switch's setpoint well within the timer's timeframe
B) NOT want the compressor to run beyond that timeframe, below that pressure.
Example:
You have your shop compressor set to 150psi, and regulated to 110. Compressor pressure switch kicks on at 120, off at 150. Your heaviest load is a bead-blasting cabinet regulated to 90psi, and when using it, your system compressor will be at 100% operation after using the cabinet for 4 minutes, at which time, your system pressure will continue to fall, and at 8 minutes, your cabinet's nozzle pressure will fall below 90%, at which time you stop and wait it out.
Using it in this fashion, 40psi at your TANK will NEVER appear in 'normal operation'. A severed hose, or blown off end connector would pull your system down beyond that 40psi point.
SO... let's say a 40psi switch establishes your 'cutoff pressure'
Next... Let's say that when your compressor starts from a 'zero pressure' state, it takes 40 seconds to bring your system pressure above 40psi.
Set your cutoff timer for 60 seconds.
This allows the system to start from full discharge, and bring up pressure beyind the minimum cutoff before the timer expires.
Wire the switch in N.C. mode (no pressure = closed contacts), and set for 40psi
Wire the relay for a Delay On mode (an ICM 102 is perfect for this!) and set for 1 minute.
Connect this circuit in series with the coil of a relay whose N.C. contact is in series with the compressor's motor contactor coil.
When you energize the system, the timer starts. IF pressure doesn't exceed 40psi in 60 seconds, the compressor motor contactor coil will de-energize.
This circuit will continue to hold the motor in a 'shut off' state until you force a manual reset (cycle the power).
If you want the system to automatically 'retry' on regular intervals, a clock timer on 15 minute intervals could be used to re-trigger the timer.
I prefer to have mine shutdown and 'not' restart'... I reserve auto-retry for only seriously critical stuff, where a retry is a last-ditch effort to restore a service which may be affected by some transient circumstance. A broken hose, once broken, stays broken until repaired...