I was using virtual memory in the same sense you did. As memory, which is not exclusively RAM.
Now that i know, that there are RAMDisks and VirtualMemoryDisks, i'm looking for a way to tell the two fast and easy apart.
In case of a PE (which operates without a page file), it probably doesn't matter, but on a full Windows, i use those kinds of drives for one reason only. To speed certain things up. A drive, which ends up in the page file is slower, not faster, than running straight of the HDD.
A driver that allocates non-swappable physical RAM pages must use virtual memory to access the physical RAM. Therefore, even though this memory is never swapped out to disk, it still needs to be paged in to virtual address space of the system process to be accessed. The performance loss for that is probably not huge, but compared to drivers that allocate virtual memory with no other requirements, it may be slower. At least as long as the virtual memory storage is kept in physical RAM and especially when the access is largely random so that the physical page allocating drivers cannot benefit form having the correct page already mapped when next I/O request comes.
In most cases this is quite clearly visible in test results where people have tested various access methods (ranom, linear, small/large buffers etc) on various kinds of memory disks.