Most likly if you have a huge pagefile.sys file, you have a lot of ram as well. In this case assuming you have over 16GB of ram you really do not need the pagefile.sys but you may want it just in case.
If you have an SSD drive for your primary boot/OS drive then the pagefile can eat away at your available space.
Run "SystemPropertiesAdvanced.exe", click "settings" under performance section.
Select the "Advanced" tab and choose "Change" under the Virtual memory section.
If you have more than 16 GB of RAM you can select No paging file, however even with more than 16GB I like to specify at least 4096/4096 under custom size. After you choose your size click "set".
Thats it your done.
Optional, you can set the pagefile to be on a drive other than "C", pagefile is used when your system runs low on ram as backup RAM. This can be useful if you do a lot of photo or video editing. I like to set a pretty large pagefile on my raid 10 array.