Proper functioning of the air compressor ensures stability for many critical systems. The ill-effect of the breakdown caused by the wear and tear in the system can be mitigated if there exists an effective automated fault classification system. Traditionally, the simulation-based methods help to extend to identify the faults; however, those systems are not so effective enough to build real-time adaptive methods for the fault detection and its type. This paper proposes an effective model for the fault classification in the air compressor based on the realtime empirical acoustic sensor time-series data were taken on a sampling frequency of 50Khz. In the proposed work, the timeseries datais transformedinto the frequency domain using fast Fourier transforms,where half of the signals are considered due to its symmetric representation. Afterward, a masking operation is carried out to extract significant feature vectors fed to the multilayer perception neural network. The uniqueness of the proposed system is that it requires less trainable parameters, thus reduces the training time and imposes lower memory overhead. The model is benchmarked with performance metric accuracy, and it is found that the proposed masked feature setbased MLP-ANN exhibits an accuracy of 91.32%. In contrast, the LSTM based fault classification model gives only 83.12% accuracy, takes more training time, and consumes more memory. Thus, the proposed model is realistic enough to be considered a real-time monitoring system of the fault and control. However, other performance metrics like precision, recall, and F1-Score are also promising with the LSTM based fault classifier.