In a hydraulic compensation element for the valve train of an internal combustion engine, with a circular cylindrical housing (32) that has, in its bore (35), an axially movable pressure piston (36) with a reservoir (37) for oil as a hydraulic medium, a sleeve-like deflection element for oil is arranged in the interior of the pressure piston (36). The oil can be introduced through a radial feed hole of the housing (32), a rising channel (42), and an end-side opening (46) of the deflection element into the reservoir (37) of the pressure piston (36). The deflection element is constructed as a circular cylindrical inner sleeve (40) that has, on one axial end, an oversize dimension relative to the inner diameter of the pressure piston (36), and the inner sleeve (40) is fixed in the pressure piston (36) with a positive and non-positive fit connection.