It's not really a workspace memory limit - it's the Eclipse application's memory limit. Eclipse is a
Java app - ignoring the binary Eclipse from Red Hat, which I doubt you're using. So you can set JVM memory specifications when you start Eclipse just like you would for any other Java app.
If you get too many large-scale projects in a single workspace, you might need to break them out into multiple workspaces, since not only will you be consuming large amounts of memory, but also Eclipse will be spending a lot of time keeping them all properly managed. However, Eclipse can handle a lot, so unless you're already running more than about 2GB of VM RAM, that's probably not necessary.