Most air compressors should already have a PSV on the outlet of the compressor (or receiver tank, at the very least!) that would be rated for 100% compressor speed and blocked outlet case. If the MAWP of the desiccant skid is at/above the setpoint of the PSV, I'm not sure you would have a credible overpressure scenario.
For those more knowledgeable than I, this raises a question:
If the MAWP is greater than 10% of the PSV on the compressor outlet, I don't see a credible overpressure case (other than fire, which is a case-by-case basis). However, what if the MAWP falls within 10% of the PSV setpoint or is the same as the PSV setpoint? Technically the desiccant bed can be sent air above its MAWP, but it, ipso facto, it is being protected by that same PSV that limits overpressure to 10% of the MAWP.
Can the PSV protect both the compressor and the receiving tank in this case (i.e. is this allowed by ASME?) All I could find in the code is below, which would indicate to me that the MAWP of the desiccant bed would need to be >10% of the PSV setpoint to qualify
(UG-125)
(g) The pressure relief devices required in (a) above
need not be installed directly on a pressure vessel when
either of the following conditions apply:
(1) the source of pressure is external to the vessel and
is under such positive control that the pressure in the vessel cannot exceed the maximum allowable working pressure at the operating temperature except as permitted in
(c) above (see UG-98), or under the conditions set forth
in Nonmandatory Appendix M.
(2) there are no intervening stop valves between the
vessel and the pressure relief device or devices except as
permitted under UG-135(d)