Acceptable/normal rate of page fault?

You need to understand that page faults are NORMAL.

There are two kinds; hard and soft. Soft is reload from RAM and hard is reload from hard drive [virtual memory or program reload].

Last I remember about perfmon it only gave page faults per second but did not differenciate between hard and soft page faults.

Here is a break down on the counters

Memory/page faults/sec is both hard and soft. Don't use this counter

Memory/Pages Reads/sec and Memory/Pages Input/sec deal with hard faults so use these to monitor.

Poorly written applications [includes ms apps] are the biggest contributor to page faults. End task on apps to see which is causing your page faults.

Source:
Win Server 2003 Page Faults
www.computing.net/answers/windows-2003/win-server-2003-page-faults/6478.html
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when investigating page fault issues, it is important to understand whether the page faults are hard faults or soft faults. The page fault counters in Performance Monitor do not distinguish between hard and soft faults
o track paging, you should use the following counters: Memory\ Page Faults /sec, Memory\ Cache Faults /sec and Memory\ Page Reads /sec.
If you have a high rate of page faults combined with a high rate of page reads (which also show up in the Disk counters) then you may have an issue where you have insufficient RAM given the high rate of hard faults.

Source:
The Basics of Page Faults
http://blogs.technet.com/b/askperf/archive/2008/06/10/the-basics-of-page-faults.aspx