I have built an ISO of WinPE 2.0 following the steps mentioned on MSDN site. I have not added any Optional Components like WMI, HTA etc. I wish to reduce the total memory consumption post boot. Could someone guide me with this please.
Also what is the minimum runtime memory footprint of WinPE 2.0 that we can achieve?

About 50Mb. Look on the VistaPE site to find more informations, then look on the support forums for topics related to minimal windows PE and you should stumble on one of Nightman's work some time ago that presented the 50Mb sized WinPE.

You can also the VistaPE project to add more components to the boot disk while keeping a small footprint size.

Thank you. I'll search for the same. Meanwhile, if you have any direct URL to Nightman's work that would be useful.

Appreciate that.

Sounds a good approach. The link I had in mind was this one:
http://www.boot-land.net/forums/index.php?showtopic=3688

The size is even smaller than I remembered and TheHive mentioned a 37Mb sized ISO image.

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But if you want my opinion, take your time and first try out the "normal" VistaPE to get some hands on experience with this project before jumping onto the mini version.

In either case, we'll be here to help in case you run into any troubles.

Good luck!