dmitch - If the Album Artist for all your Compilations is set to "Various Artists" then try this..
In Standard View Right-Click on the word/heading "Audio" and add the "Panes (genre, artist, album)" Library View.
Once it's been loaded right-click on it and select "Customise View..." and change "Show Categories in this order" to this "Album Artist", "Artist" and "Album".
Every Time you open that View it will list every "Album Artist, Artist and Album.
Clicking on an "Album Artist" name, i.e. "Various Artists" will cause the view to redraw to show only the "Artists" that appear on that "Album Artists" Albums and in the Details List.
If you then select one of the "Artists" listed in Column 2 (Artist) only those "Albums" that artist appears on will be showing in Column 3 (Albums) and the Details List
Incidentally MC does have a Compilation Tag but, since EXIF Tags are not normally used for Audio Files it is not set up to recognize it, or inherit, it's value