Having designed and manufactured equipment intended for both low and high pressure (industrial) gas service, including oxygen, the general risk of ignition in compressed air systems is always something to consider; however briefly.
Note that there are a multitude of possible ignition mechanisms at play; particle impact, adiabatic compression heat (gas hammer effect), electric arc and spark ect. Combine this with a highly flammable contaminant in your system and yes; you will have an ignition. There is a reason pneumatic impact test methods and standards cover air, in addition to oxygen and other gas blends containing oxygen. You will also find that ignition temperatures will be listed for both air and oxygen atmospheres. Side-note: above 3000 psia the selection of non-metals should equal for both air and oxygen systems, at 5000 psia the selection of metals should also be equal.
As you can tell a possible ignition will depend on so many variables, its impossible to say for certain if you will have one or not, and if you will get a kindling chain. At 500 psig you will (IMO) be fine as long as your system is moderately clean. Like Compositepro states; no one really thinks about this issue, accidents happens so rarely. Then again they DO happen, and those cases are the entire reason why cleaning for oxygen service (and/or oxygen blends-like air) is such a huge part of my job description. So my recommendation? Always err on the side of caution when dealing with pressurized systems, especially if they have an oxygen content of around 21% or more.
As for good references: CGA & EIGA documents are good starting points, as well as your typical text books on the topic of thermodynamics and heat transfer.