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'compensation between' is a correct and usable phrase in written English.
It is typically used in contexts where two parties are actively involved in a negotiation or agreement, in which they are both making concessions and compensations so that they may reach a mutually beneficial outcome. For example: "We must arrive at a fair compensation between both parties before coming to an agreement."
Exact(60)
He took home nearly half-a-billion dollars in total compensation between 1993 and 2007.
Huybers, P. Compensation between model feedbacks and curtailment of climate sensitivity.
As a result, charge neutrality is established by electrical compensation between neighbouring atomic planes.
Such an effect can be attributed to charge compensation between the donor and the acceptor atoms.
The principal reason for the original law was to narrow a significant gap in compensation between men and women.
It was shown that the small value of the excess free enthalphy arose from compensation between entropy and enthalpy terms.
"Burnley will now enter discussions with Bolton Wanderers, due to the fact that compensation between the two parties has yet to be agreed.
"We have to do this delicate dance of charge compensation between things that can add charges or take away charges," de Leon said.
AirHelp, a website that helps passengers file compensation claims, says British passengers alone received almost €800 million in compensation between 2017 and 2018.
If your airline approves the claim, you are entitled to compensation between €250 and €600 ($281 and $676) per person for your inconvenience.
Compensation between airlines and plane makers for manufacturing delays is usually quietly negotiated on a case-by-case basis, much like the cost of the planes themselves.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com