From a practical perspective, the purpose of a compass here on Earth and a compass in your world is identical. What, realistically, is the difference between a compass laying on a beach at sea level, held in my hand at an altitude of 4100 ft, or used in an airplane at 35,000 feet? None. Compasses were (and still are) used on sailing ships. Does it tell them where land is? No. It tells them which direction they're going. Knowing where land is, is an entirely different problem.
This would suggest that in your world you need a compass combined with something that can indicate direction in the third dimension. But we kinda have that, too in the form of an altimeter, a device that indicates how high above sea level one is.
So you might be asking the wrong question. Your floating islands (or a vessel traveling between them) would be perfectly happy using the combination of a compass and altimeter for navigation. But, as was famously said in the movie The Hunt for Red October...
[Kamarov] Give me a stopwatch and a map, and I'll fly the Alps in a plane with no windows.
[Yuri] If the map is accurate enough.
Your real problem is the map or chart helping people navigate between the islands. Landmasses have the most convenient property of (usually) not moving fast enough to matter in a person's lifetime. Your floating islands, unless tethered, don't have that convenience. That means mapping tech that tells a traveler where they are and where they need to go today, because wind currents will have moved the islands by tomorrow.
Fair warning. This particular rabbit hole can go very, very deep. Before asking for help developing the details behind how your civilizations map the locations of the islands, be absolutely sure you actually need it. It's the kind of detail most authors gloss over because as cool as it might be, it's usually a distraction to the story rather than a benefit to it. Although a story-based issue that would be inappropriate to ask about here, what might be far more interesting for your story is the behavior of navigators when interacting with the map or chart. It leaves the reader with a fulfilling sense of completeness in your worldbuilding without actually building that aspect of the world and a bit of mystery that readers love for the imagination and movie directors love as it gives them latitude about representing it on screen.