A friend of mine is running Windows 7 with 24 GB RAM and her pagefile.sys is also 24 GB in size. She is not running with anything that takes up that much RAM or diskspace.
I searched a bit and ran into this user with similar question:
So I think the pagefile size is normal. But how does Windows 7 determine the size of the page file? I had always thought MS Windows assigned the page file size according to the size of the RAM usage. (When there is more thrusting, pagefile.sys grows in size). Or is it actually a pre-assigned disk space that gets allocated on system start?