In most cases FSX/P3D out of memory crash happens when 4GB virtual address space becomes full. This has nothing to do with page file or system ram per se and 4GB is just the upper limit of an 32-bit program VAS which can physically reside in system RAM chips or on page file. Now, if you have 4GB or less RAM, then yes, purchasing more RAM is a good choice. If you on the otherhand have nowadays common 8GB or more then no, because FSX cannot address more VAS than 4GB. If you have enough of RAM to "give" FSX all the 4GB (technically in that memory space exists a whole lot of other stuff than FSX, but that is not important here) all you can do is lower the settings to free some VAS: complicated addon airports, several complicated sceneries active in library, large HD textures, air traffic and so on are one of the big VAS consumers.
Edit: and yeah, OS version (32-bit vs 64-bit) is a big factor here too, like hschuit said. Although with large address aware flag enabled in the program, it can use all the remaining RAM from the OS, that is practically somewhere over 3GB with Windows 7. For Win XP there was a need to enable over 3GB ram during boot, but I don't remember anymore if it was fixed with some Service Packs. It is over 8 years since I've used XP in my home computers.