Hi Lingaraj,
You can configure compression by entering the compress command under a Layer 7 load-balancing policy. For example: 
class-map type http loadbalance match-any L7default-compression- exclusion-mime-type_CLASS
 description Classmap for default SLB compression exclusion mime-types.
 2 match http url .*gif
 3 match http url .*css
 4 match http url .*js
policy-map type loadbalance first-match L7_COMP_SLB_POLICY
 class L7default-compression-exclusion-mime-type_CLASS
   serverfarm SFARM1
 class class-default
   serverfarm SFARM1
   compress default-method deflate  
You can create the http parameter map and apply that pmap to a policy map.
parameter-map type http  compression
    compress minimum-size xxx
Regards,
Kanwal