230 vs 480

Working at 240V means 20% above the rating. It may work but motor manufacturers forbid more than ±10%.

BTW I hope you are working on the 60Hz frequency as mentioned in the name plate.

Check whether you can change the motor or put a step down transformer- all options are costly.

The starter is a different ball game. Don't go by its rating.

For final wiring use an electrician.

The wiring is already in place for the 240 and 480 and yes it is 60htz is one more optimal than the other

Given the choice, go for the higher voltage, as the wiring, if not already purchased and run-in, will be smaller and maybe cheaper.

The first thing I would do is call the motor manufacturer (not the same as the air compressor manufacturer). The motor may have ratings for higher voltages that are just not included on the nameplate. Ask the manufacturer if it is OK to run the motor at a higher voltage if you install different overloads in the starter. My company recently purchased a mixer whose nameplate rating is 1725 rpm at 60hz, but the manufacturer told me that it is OK to run 3450rpm at 120hz. (I'm glad that I called the manufacturer instead of the contractors who installed it this way. )

Does the nameplate on the motor say 50hz or 60hz? Some motors are rated for both frequencies, but at different voltages. If 200v, 60hz is on the nameplate, then 208v, 60hz is fine, but, as SB said, consider that you can get a 15hp motor rated for 240/480v for about $350 - $450 before you run power all the way across the plant. If you opt to buy a new motor, consider what PWS said about higher voltage.

Something doesn't quite jive here. You state that the motor has a nameplate that says 15 HP, 200 V and 44.8 A. The power at 200 V and 44.8 A yields 8,960 VA, which is nowhere near 15 HP. At 100% efficiency, you would only get 12 HP.

Also, like sb says, don't go by the starter rating.

You can get a buck transformer to reduct the voltage (probably less expensively than running 208 V from the other end of your plant), and it's power rating only has to be the percentage of the voltage reduction. e. g. the motor's rated at 9 kVA, the 230 V needs to be reduced by 30 V, so the worst-case power rating of a buck transformer needs to be 30/200 X 9kVA = 1.35 kVA. Choose a 1.5 kVA minimum buck transformer, and you'll need three single phase or one 3 phase.

Some (but not all) motors that have a nameplate stating 200V line are actually wound for 220V, with the understanding that they can accept +- 10% (200 to 240V). But as others have said, you must consult with the manufacturer to be sure, otherwise you need to get a transformer. By the way, you CANNOT connect 480V to that motor, if it were capable of dual voltages it would have said so on the nameplate.

So if the mfr comes back and says it is a dedicated 200V winding, then you must use a transformer. If that's the case, don't get yourself confused with buck-boost transformers unless you plan to hire a qualified electrician who understands these things, Sorry, but it doesn't appear to me that you are going to understand how to do that, you are not even sure how voltage ratings work to begin with. If you want to try to do it yourself, get a 480 to 208V 3 phase transformer, they are very very common and simple to connect. You will need one of at least 20kVA to be able to start that motor, but the nearest standard size will be 30kVA. Buying one of those, along with the fused disconnect to feed it, conduit wire etc., will likely cost you as much or more than running a 208V circuit from somewhere else, but only you can determine that.

By the way, I show a standard NEMA design 15HP 200V motor as having a FLA of 45.1A, so your motor is well within normal for that. Ignore the post that said it was wrong, they don't know what they are doing.