I set my swap file (page file) on a separate partition from the Windows drive.
I pick one of my other physical drives and partition it in two parts - the top fast part is set to size 50 GB and name it TEMP and set the rest of the drive up for normal stuff.
Then I set my swap file in that small partition along with the TEMP path files and stuff like Windows search, Internet Temp files, Google Chrome cache, etc.
Even if you don't think you need a swap file, I think it's a good idea to have one for system performance reasons.
If there is no swap file on the boot drive you may see an error message about Crash Dump initialization error.
You can ignore that, it expects to see something on the boot drive.
Also, I set the Min and Max size the same so that it doesn't shrink and grow and get fragmented. The older rule of thumb was to set the size to about 150% of your RAM, but with multiGB memory sizes that's way too much. A few GB would probably be fine. You can use the resource monitor or task manager to see if the size is wrong (if it fills up right away after a boot).
To clean it up:
1) turn off paging and reboot so it goes away
2) set it up and reboot to make a new one.
If you have Windows 8 or 8.1 you can delete the swapfile.sys and use mklink to point it to that Temp partition. It's used by the Start screen apps for something. That may be hard to delete, I use a Linux boot tool to remove stubborn things like that, or you can mess around with system permissions.