When I had this issue it was that relay sticking in the on position. There's multiple relays in that box that are the same model. Try switching the A/C one with one rarely used and see if that helps.

My '06 did this the other day when I punched it to get on the highway. All the same symptoms. Shut the a/c off and back on and it was fine. Been ok since.

Mine used to do it and I would shut it off then turn back on and it would correct it. But now it won’t correct it turning it back on

I tried switching relays. No success.

This is great info. Can I replace the sensor without replacing the compressor? Can I do it myself? Possible to test it?

Bummer. You may need to bring it to someone who can diagnose. Maybe you have some blockage and it gets over pressurized but at this point there's no way to narrow it down without the proper tools.

So I tried that on mine- bringing it to an AC shop. because it was blinking and they couldnt get the system operating, they couldnt use their computer diagnostics. So then they were advising the replace the HVAC control panel as the next logical step. After my research, the HVAC control module made the best sense next and ended up being my issue.

I think the OP is left with you can bring it to a Toyota dealer for a high priced estimate, or you can start replacing the cheapest and easiest next things.

If you replaced your compressor, the revolution sensor shouldnt be an issue

I had this problem intermittent for a few years. I replaced the hvac controls last year with a used one I sourced. The issue still persisted. You think it really could be the hvac control? I don’t want to start dumping money replacing piece by piece though. I never replaced the compressor.

To be honest I'm not totally sure. On some older model Toyota products I can remember replacing just the sensor but I believe on newer models, you have to replace the compressor. But don't hold me to it. You might want to take a look at it and make sure the connector going to it is plugged in and secure. I think it will be basically screwed into the side of the compressor with a 1 or 2 wire connector going to it. It will be separate from the connector for the clutch. Good luck!

I just went through two AC repair jobs on my truck within 18 months. This most recent time, I was having intermittent problems with the blinking AC light and it ended up being that I needed a new Compressor. The first time, a shop installed a full AC kit made by Import Direct. Well that import direct Compressor failed 18 months later. We should have put OEM Denso parts in the first time, lesson learned. Also, I learned from a shop that does lots of Toyota trucks, skip replacing the expansion valve because they are pretty bullet proof from the factory and avoid having to pay for the dash to be removed.

My suggestion, find a shop that is reputable and honest, go get them to diagnose the problem and you very well may save money in the long run instead of replacing random parts. Unfortunately, AC systems are pretty complex. It isn’t impossible to do DIY, but it may be a long frustrating road. I started down the DIY route like usual, but IMO your time may be better off letting this get diagnosed by a pro. Good luck with whatever you choose!