Wikipedia gives the reason for Mach 0.3 as due to the fact that this achieves ~5% change in density.
I found a NASA page that describes (analytically!) the relationship. I cited the source, but I'll reproduce the work here for posterity, in the event their links change.
Start with conservation of momentum:
$$
(\rho V) dV = -dp \\
$$
where $\rho$ is the fluid density, $V$ is the velocity, and $p$ is the pressure. for isentropic flow:
$$
\frac{dp}{p} = \gamma \frac{d\rho}{\rho} \\
dp = \left( \frac{\gamma p}{\rho} \right) d\rho \\
$$
where $\gamma$ is the specific heat ratio. The ideal gas law gives:
$$
p = \rho R T \\
$$
where $R$ is the specific gas constant and $T$ is the absolute temperature. So, substituting:
$$
dp = \gamma R T d\rho
$$
The speed of sound can be calculated by:
$$
\gamma R T = a^2 \\
$$
where $a$ is the speed of sound, so:
$$
dp = a^2 d\rho \\
$$
Substituting the expression above into the conservation of momentum equation gives:
$$
(\rho V)dV = -a^2 d\rho \\
-\left(\frac{V^2}{a^2}\right)dV/V = d\rho/\rho \\
-M^2 dV/V = d\rho/\rho \\
$$
where $M$ is the Mach number. This gives a Mach number of 0.3 to be approximately a 5% change in density.
As a note, this is based on the Mach number, which in turn is dependent on the speed of sound in the gas, so it's automatically adjusted on a per-gas basis.