Gracias a los comentarios, lo porté a python 3
def compile_query(query):
dialect = query.session.bind.dialect
statement = query.statement
comp = compiler.SQLCompiler(dialect, statement)
comp.compile()
enc = dialect.encoding
params = {}
for k,v in comp.params.items():
if isinstance(v, str):
v = v.encode(enc)
params[k] = sqlescape(v)
return (comp.string % params)