Preheat oven to 325 degrees F. Drain canned peaches, reserving 1/4 cup of the syrup; set aside. For batter, whisk eggs, sugar, the 2 tablespoons melted butter, the lemon zest and salt in a medium bowl. Whisk in flour and milk until smooth. (Batter will be thin.)
Heat a 10-inch cast-iron or oven-safe skillet over medium heat. Melt the 1 tablespoon butter in the skillet; pour in batter. Quickly arrange peaches on top of batter. Bake for 25 to 30 minutes or until puffed and golden.
Meanwhile, for Blueberry Compote, cook reserved syrup and blueberries over medium heat in a medium saucepan for 4 to 5 minutes or until berries begin to soften. Remove from heat.
To serve, sprinkle pancake with powdered sugar. Cut into 6 wedges. Serve with Blueberry Compote.