Just so I am 100% clear.. Is it safe to assume on my compressor the black and white wire are intended to be hot, and the green ground?

My favorite saying is :-

Assuming is the brother of all F**K ups.
So that's all I can say :)
Good luck

Read the namplate on the motor, it will list the voltage or voltages that the motor can operate on.

If it is dual voltage, for example 120/240 volts, then the motor can be connected for either voltage. There is usually a diagram on the nameplate or inside the junction box to show how the connections need to be made for both voltages.

If the motor needs 120 volts , then the black will be hot, white is neutral, if 240 Volts then both black and white will be hot, and of course, the green is equipment ground , in both cases.

So compressors CAN be both voltages? Nice to know, thanks! :)