Jim,
The red arrow points to a make up system that adds water to your spa when you are in the pool mode. This causes the spa to overflow into the pool. If you simple shut off the 2-way valve right above the "red" check valve, then you could run a test to see if the spa still drained down. (This will of course shut off your spillover).. But, if the spa no longer drained down, then you'd know that the red check valve was leaking.
The "Blue" check valve would only be the cause of the problem if you shut the pump off with the system still in the spa mode. Otherwise, with the system in the pool mode, the automated valve above the blue check valve should be fully closed.
I would drain the spa down before opening either check valve.
Thanks,
Jim R.