The phase space of a physical system is the space containing all possible states of the system in a given parameterization. It is the space of canonical coordinates of the system. In mechanical systems, the parameters are typically the position and the momentum of each particle, but more generally they are the generalized coordinates and conjugate momenta. For a system with degrees of freedom, the phase space is dimensional. Each point in phase space represents one possible state and is called a representative point.
In differential geometry terms, the phase space is the cotangent bundle of the configuration space.