A pressure and temperature compensated valve assembly includes a flow valve allowing inflation flow from a control port to a tire port and controlling deflation flow from the tire port to the control port. A throttle valve restricts deflation flow between the tire port and the control port when deflating the tire at high flow rates or when tire pressure is high, thus enabling the flow valve to be closed. The throttle valve includes a throttle diaphragm that throttles in response to flow from the tire port and which does not restrict inflation flow from the control port. The valve assembly further includes a temperature responsive member engaging the flow valve, and which deforms in response to a change in temperature in the valve assembly, thus negating temperature effects on the flow valve, allowing the flow valve to close at a consistent force across a range of operating temperatures.