The problem when the red compressor warning light trips is the A/C control unit is "seeing" a difference in A/C pulley speed vs. engine speed. So, it shuts the compressor down in the event of the compressor ceasing. That way, if your compressor ceases, you won't shred the accessory belts.

There are four possible problems.

1) The drive belt for the A/C compressor is slipping, which obviously would cause a difference in compressor speed versus engine speed. Does your belt screech right before the compressor turns off? If so, just replace the belt.

or

2) The A/C control unit is bad. The control unit is a tan box located on the right side of the passenger footwell area. The control unit is the brain to the entire A/C system. It reads engine speed, compressor speed, compressor temperature, A/C switch activation, etc. You need a multimeter and a wiring diagram to test it. I think this box costs over US$150 or so at Honda.

or

3) The pickup sensor on the A/C compressor is bad (speed sensor)

More than likely it is the pickup sensor. There are actually two sensors on the A/C compressor that have to be replaced simultaneously (pickup sensor and thermal protector). Honda had a recall on these two sensors. The new ones have a blue stripe on the connector. I believe they are only sold as a set anyway. If you have a multimeter you can check the resistance of the sensors. You must disconnect the sensors near the A/C compressor. The pickup sensor (green wire and white wire) should have 450-600 ohms. If there is no continuity, it's shot. The thermal protector (red wire and brown wire) should have continuity (no specified ohm). You do not need to remove the A/C compressor to change the sensors out.

or

4) Compressor has ceased (doubtful) in which case you would have to replace it ($$$$$$$$!)

I would check through the list in the order given since it makes the most sense and it is the most cost effective as well.
Good Luck.

Alan