Windows will page less used data first. It is better to look for RAM usage.
You can monitor he size of the page file using task manager. You can get specific information about the memory usage by adding the appropriate columns to the processes tab.
Resource monitor (resmon.exe, 2008 and up) have a memory tab that show the current usage of physical memory. If there is no (or very little) "free" or "standby" memory, this will cause performance issues (and paging)
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