Hi Brian,
With a "Custom size" page file, there's an "Initial size" and "Maximum size". I think it might be that the api we use, GlobalMemoryStatusEx, returns the Max. Looks like there's a newer api, GetPerformanceInfo, as of 2003 server, which has:
"CommitLimit
The current maximum number of pages that can be committed by the system without extending the paging file(s)."
Assuming that'd be the "Intial size". I'll look into it more, but in the meantime can you check your Virtual Memory settings to see if this might be the case?