Well, your probably talking about a 3 phase 5-6 HP motor. Hopefully you already have a motor starter and 3 phase protection already on the wall for this unit.
Without knowing what you have to work with, a 5-6 HP motor starter will be expensive. If you can interrupt the wires to the pressure switch (providing it is a switch) that may be one way of doing it. Since this compressor may also have sophisticated controls, like a pressure unloader, you have to carefully pick where you have to interrupt the circuit. The pressure switch is the most likely place.
You also need to know what voltage your interrupting at this point, 120 vac, 24 VDC, 208 VAC etc. and the currents the coil is interrupting. I doubt that the pressure switch is handling the motor directly like it would for 100 psi shop air.
Next problem is the heater. 5 KW isn't a lot of heat, so I suppose it's not the space. Again, you need to know how it's controlled and be able to sense when it's on. If this was a simple home heating system, the 24 VAC is usually applied to the W terminal when it's heating. You can also sense current, so your not making changes to anything except putting a wire through a contactless sensor.
Now, with a large compressor, you will have to build in an anti-short cycle system, so it can't come on right away. The unit may already have this. Pressure differentials (turn on/turn off) also provide it although won't with a power failure. So, again we are at somewhat of a loss.
I suppose your being billed by peak usage and not straight KWH.
The duty cycle of your heater may matter as well. How long is it on/off for? Redesigning it to use proportional control, if possible could also reduce your electric bill overall.
Again heater can mean space heater, water heater, building heater and compressor usually means some wimpy thing compared to what "we think"it is.
PB compressors can get fairly complex, such as this one with a PLC (Programmable Logic Controllers). http://www.bauercomp.com/uploads/pdf/MI%20mini%20&%20MAXI%20VT.pdf
The manufacturer of the compressor should probably be consulted once you know how, your going to determine the heater needs to run.