Hi,
As far as I know, ballooning occurs when when your hosts reclaims memory from your VMs and those VMs have VMware Tools installed. First thing I would check is that if your VM has VMware Tools installed.
Ballooning is a memory contention technique that will kick in only when it's needed and will take into account reservations/shares. For instance, if your VMs has a 100% memory reservation made, no ballooning will take place.
Large pages are pages that are hard to share by TPS as it is not likely to exists 2 large pages with the same information.
To straight answer your question, the only relationship that I see is an "indirect" relationship as you will not benefit from TPS making more likely to things like ballooning to kick in. This is not your case. Also consider that in an extraordinary scenario, ESXi is able to "brake" those large pages into 4KB smaller ones before "host swapping" ocurrs (another memory contention resource).
Is any ballooning going on at all in your enviroment? Maybe you just don't have any ballooning at all (that's a good thing 
) meaning that you have more room (in memory terms) to accomodate more VMs.
Best regards,
elgreco81