12/3 will handle more current without heating effects than 14/3. 12/3 is usually more expensive. So, if you buy cords for a million compressors you'll want the cheaper option.
One critical factor is the length of cord you employ. 12/3 will have less voltage drop per foot under load than 14/3.
Part for part replacement, including length, 12/3 is "better" than 14/3. It usually weighs more, if that is a factor for you.
Cheers,