Simulated compact polarimetry from the RADARSAT Constellation Mission (RCM) is evaluated for sea ice classification. Compared to previous studies that evaluated the potential of RCM for sea ice classification, this study focuses on the High Resolution (HR) Synthetic Aperture Radar (SAR) mode of the RCM associated with a higher noise floor (Noise Equivalent Sigma Zero of −19 dB), which can prove challenging for sea ice monitoring. Twenty three Compact Polarimetric (CP) parameters were derived and analyzed for the discrimination between first year ice (FYI) and multiyear ice (MYI). The results of the RCM HR mode are compared with those previously obtained for other RCM SAR modes for possible CP consistency parameters in sea ice classification under different noise floors, spatial resolutions, and radar incidence angles. Finally, effective CP parameters were identified and used for the classification of FYI and MYI using the Random Forest (RF) classification algorithm. This study indicates that, despite the expected high noise floor of the RCM HR mode, CP SAR data from this mode are promising for the classification of FYI and MYI in dry ice winter conditions. The overall classification accuracies of CP SAR data over two test sites (96.13% and 96.84%) were found to be comparable to the accuracies obtained using Full Polarimetric (FP) SAR data (98.99% and 99.20%).