Also, no one's asked yet what KIND of vocal he's compressing. Metal? Jazz? Pop?
These settings will actually produce a fairly gentle compression (despite the seemingly low threshold and the hard knee).
For a vocal, 3:1 ratio is...well, it's not too gentle, but I've certainly seen harder ratios before. I think what's really keeping you from getting much compression is your timings. 40 ms release is almost nothing, which means that your signal is not staying inside the compressor for very long. Of course, sometimes this short a release time is exactly what is called for. Nonetheless, trying upping it, and it probably wouldn't hurt to increase your attack time as well in order to smooth out the transient response. Vocals don't hit instantaneously like drums do, so you might try an attack of something more like 10 ms, or even more if you want that slight "pump" that can sometimes be cool. For release, start with 100 ms, but that's actually still fairly conservative. I often use as much as 200 ms release for vocals (yes, 1/5 of a second). Of course, that only works if you keep your ratio low, otherwise you'll hear too much pumping (by low, I mean 4:1 or less).
It's also worth noting that such principals are doubly true if you use your compressor for mastering. For mastering, I've always gotten the best results out of using an extremely low ratio (like even less than 2:1 sometimes) and accomodate with a VERY low threshold (like -30 or even lower). Basically, this means you get the signal into the compressor really early, and don't have to compress as much as a result.
My two cents. How you compress is entirely up to the style you're trying to record, and even more, personal taste.