AA uses the Windows Page Faults/sec Perfmon counter to collect the page fault data. As per the description of this counter, it includes both soft and hard faults:
"Page Faults/sec is the average number of pages faulted per second. It is measured in number of pages faulted per second because only one page is faulted in each fault operation, hence this is also equal to the number of page fault operations. This counter includes both hard faults (those that require disk access) and soft faults (where the faulted page is found elsewhere in physical memory.) Most processors can handle large numbers of soft faults without significant consequence. However, hard faults, which require disk access, can cause significant delays."