Let's say we are working with a system that has 40 physical address bits. The total physical address space (assuming byte-addressable memory) is $2^{40}$ bytes, or 1 TiB. And if virtual addresses are 48 bits in length, that means there are more addresses available to virtual memory than there are locations in physical memory.
This makes sense to me, because the "excess" addresses could refer to hard disk locations as well. However, what I don't understand is how the translation between virtual and physical addresses occurs. I assume there is a mapping stored somewhere which links VAS locations to the physical locations. If there are more virtual address locations than physical locations, how can all of these mappings possibly be stored in memory? At minimum you would need 48 bits to store each virtual address, and then another 40 to store the physical location it maps to. So obviously you cannot just store a 1:1 mapping of each virtual address to its physical counterpart, as mapping every location would take more memory than physical memory itself.
What exactly am I missing here?