Calculating the power stored in compressed air involves understanding several variables, including atmospheric pressure, density, gravity, height, and velocity. The discussion references Bernoulli's Equation and highlights the challenges of applying it to air due to its compressibility compared to hydraulic fluids. A simpler approach using the formula Power = p * Q is suggested, but it may yield significant errors for air. The total energy content of a gas can be determined using enthalpy, which requires both mechanical and thermodynamic variables. The conversation emphasizes the need for clarity on these variables to accurately calculate power in air systems.