Quarter the strawberries and place them in a saucepan. Add the sugar and stir to combine. Heat the mixture over medium heat, stirring occasionally, until it simmers and thickens to a sauce-like consistency. Remove from heat and set aside to cool slightly.
In a large mixing bowl, combine the pancake mix and water. If desired, add the eggs for extra protein and a fluffier texture. Whisk the mixture until smooth and no lumps remain.
Preheat a griddle or skillet to low heat and generously coat it with butter. Pour the pancake batter onto the griddle, creating pancakes of your desired size. Cook until bubbles form on the surface, then flip and cook the other side until golden brown.
Top the warm pancakes with the strawberry compote. Add whipped topping if desired.
