I resolved this by installing the latest version of the HP System Management Agent (8.22). See HP Insight Management Agents for Windows Server 2003/2008.
This issue was caused a incorrect page file setting on a Windows 2003 server. It was manually set to low. Setting to have the "system managed size" resolved the problem (after a reboot of course). In another instance the /3GB switch was improperly set on a Windows 2003 server with SQL 2005. The server only had 3GB of physical memory which only allowed <1 GB of memory for the system resources (Key Paged). See the link to "Memory Management - Demystifying /3GB" for details on memory allocation with the /3GB switch.
In my case, the workaround was to deactivate the "Host Information Agent" under "Control Panel" -> "HP Management Agents". After this, the error message did not reappear.