As previously stated, Windows NT memory management is handled by the Virtual Memory Manager (VMM). The VMM uses a system file, Pagefile.sys, for the storage of virtual memory pages. This file is typically stored in the root directory of a Windows NT system on the boot disk unit. This file can also be segmented as multiple files and stored on multiple disk units as an operating system performance enhancement.
With respect to SQL Server performance, this file should be stored on a physical disk unit that is segregated from the SQL Server disk units. Moreover, if the physical disk units are on separate intelligent controller units, all the better. This is especially true for nondedicated SQL Server systems, which are likely to experience moderate to heavy page faulting due to file and print sharing or application execution. However, you should recall it was recommended that only physical memory be allocated to SQL Server uses. Therefore, if you cannot map Pagefile.sys away from the SQL Server disk units, there should be little page faulting on dedicated systems as long as the memory allocation to Windows NT is sufficient (16 MB).