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The message may be a false alarm - even checking task manager on Windows 2003 may be misleading. On Windows 2003, the "PF Usage" statistic in task manager is not page file usage, but instead total virtual memory usage, which includes RAM and page file. Oracle Enterprise Manager, I believe, is showing the "PF Usage" statistic, and is making the assumption that this is page file usage.
For additional analysis see the discussion in this link:
IT Manager/Oracle DBA
K&M Machine-Fabricating, Inc.