If air continues to leak out of this vent after the compressor stops then it s coming from your tank and that means that the check valve that is supposed to keep air in the tank when the compressor stops is leaking.
Compressor drain valve leaking air.
If you aren t sure about what that is have a read of the unloader valve page on this site.
Unplug the compressor drain all the air from the tank remove and clean or replace the tank check valve.
1 unplug the compressor 2 drain all the air from the tank 3 remove the lines connected to the tank check valve 4 remove the tank check valve inspect clean re install the same one or install a new one 5 reassemble and test the compressor operation.
Also i would take a pipe cleaner saturated with oil and run around the inside of the drain valve and the screw portion of it.
Or buy dewalt porter cable compressor oem replacement ball valve n072023.
Either one will fit fine though the dewalt porter cable unit will give you slightly higher ground clearance.
You can try to clean out the old one.
If air leaks out the unloader when the pump stops replace the check valve because the check valve leaks air back towards the unloader.
If you feel any air leak around or beside the pressure switch it s a pretty good bet that your tank check valve is leaking.
The safety valve pops open to relieve excessive air pressure if the pressure switch fails to shut off the air compressor at the cut out pressure setting.
You can take a pipe cleaner and run up in there with it fully open and see if you can get anything to come out of it.
Replace the safety valve if it leaks air constantly.