When the applications running on your server use more memory than there is physically available, then Windows will use the pagefile.sys file as virtual memory (swap), so that there is enough memory available (physical + virtual) for your applications to keep on running. As this memory is stored on disk, note that this swap memory is a lot slower already than when it can use physical memory (RAM), if the pagefile.sys would be compressed then this will even slow down the performance further. It's recommended to let Windows manage the pagefile.sys.

Instead of changing pagefile settings, investigate the memory usage of the processes running on your server, and consider adding more physical memory (RAM) to your server, so that Windows does not have to store so much memory in the pagefile.sys.