The paper size determines how many patches will fit on a page, and how many pages your test chart will require. By using a larger paper size, you can fit more patches on a page and use fewer sheets.
Your paper size selection should match the size of the media you intend to print on. When using roll media, you may either choose a pre-defined page size or you may create a custom size to minimize the length of media required for your target.
You can also use the custom setting when your printable media size is different than any of the pre-defined options.