This is simply a problem of dynamic range. When the overall scene is evenly exposed (in this case, slightly underexposed), the light itself is too bright for the range of your sensor.

Assuming that you want both the light and the dial to be apparent in the scene (an assumption I make because you say you want to see it as you see through your eyes), you can take one of several different approaches:

• Standard HDR techniques: take several images and blend them with programs meant to do this.

• Try exposing the whole thing for the red light, and bringing up the rest using shadow correction. This will probably result in a lot of noise, but could work.

• Simply taking two pictures, one exposed for the light and one exposed for the background, and manually masking the light and pasting it over the other.

• You could also, as @ysap notes, light the surrounding area more brightly to bring the dial and background nearer to the brightness of the light. This might not give an effect that seems satisfying, though, as the red may seem more washed out than it does to your eye.

Or, if you just want to capture the light and don't really care about the rest, you can do as Philip suggests in the comment below and simply dial in negative EV compensation, to expose for the light alone.