Can we not do this?
Join Master table and Compare table using a Query transformation and apply outerjoin on Master table. Identify the inserts (if columns in compare table is null then it is present only in Master table which means inserts). Redirect all the inserts to target table
For updates, compare columns in where condition, use Map operation (normal as updates) to target table.
We had a similar requirement, we used above approach to tag records as I, U or D. Based on the values we further processed these records in next dataflows.