If you're using a hardware RAID solution, RAID 5 (striping with parity) is your best option. However, the page file doesn't need the fault tolerance offered by RAID 5 and you lose a lot of disk space to fault tolerance.
As an alternative, you could simply stripe (RAID 0) the last two disks on your array and place your page file and non-critical data on the array. Or you could forget RAID altogether and simply move the page file off of your system/boot partition onto one of the other drives.
This was first published in April 2005