I believe this is provable with a slightly modification of the proof that the product of compact spaces is compact. Let $X,Y$ be compact spaces. It suffices to prove it for any open cover of basis elements, since we may always refine an open cover to an open cover of basis elements. Take an open cover $\mathcal W$ of $X \times Y$ be basis elements of the form $U \times V$. Cover each slice $\{x\} \times Y$ by finitely many sets in $\mathcal W$, $U_1\times V_1\dots,U_n\times V_n$. Let $W_x=\cap U_i$ then $x \in W_x$ and so $W_x$ is a non-empty open subset of $X$. Let $T_x=\{ W_x \times V_i \mid 1\leq i \leq n \}$. Now the $W_x$ form a cover of $X$ so we can find a finite subcover, $W_{x_1},\dots,W_{x_n}$. Finally for each $y \in Y$ set
$S_y=\{V \subset Y\mid \exists i \text{ so that } W_{x_i} \times V \in T_{x_i} \text{ and } y \in V\}$
then define $V_y=\cap_{V \in S_y} V$
note this is a non-empty open set and finally set $\mathcal V=\{V_y \mid y \in Y\} $ note this is a finite set, since there are only finitely many sets to intersect. Finally we claim that $\mathcal U \times \mathcal V$ where $\mathcal U$ is the union of the $W_{x_i}$. By construction we have ensured each product is contained inside some element of $\mathcal W$ and we can similarly see that each $x$ is contained in some $W_{x_i}$ and thereby $(x,y) \in W_{x_i} \times V_y$.
The following shows that the hypothesis of compactness is required. Consider $Z=[0,1] \times \mathbb N$ and construct the following open cover of $Z$ let
$ \mathcal U_n=\{[0,1/2+1/(n+2))\times\{n\}, (1/2,1]\times\{n\}\}$ and
$ \mathcal U=\bigcup_{n=1}^\infty \mathcal U_n.$
Then $\mathcal U$ is an open cover of $Z$. Suppose that $\mathcal V \times \mathcal W$ is an open refinement of $Z$. Then we must have $\mathcal W$ is the set of singletons of $\mathbb N$, since no set in $\mathcal U$ is contained in two "levels" of $\mathbb N$. Now consider $V \times \{1\} \in \mathcal V \times \mathcal W$ such that $1/2 \in V$. Then $V \subset [0,1/2+1/3)$ so let $\delta=\sup\{x \mid x \in V\}$ note that $1/2<\delta \leq 5/6$ notably we may find an $k \in \mathbb N$ such that $1/2+1/(k+3) < \delta$ and in particular we see that $V \times \{k\}$ is not contained in $[0,1/2+1/(k+2))$ or $(1/2,1]$ so it is not possible that $\mathcal V \times \mathcal W$ is a refinement of $\mathcal U$.
Edited: To remove incorrect second example.