Well, if space really is a problem, then you really do want to stick with binary formats. For instance, just wire your arrays or clusters or whatever into the Write File function, and voila! Binary storage.
But there's a good additional step you might want to consider if you really want to minimize the footprint of your data, and that is compression. Typical acquired datasets aren't particularly random, so they are good candidates to get crunched way down in size using compression, regardless whether you've saved in ASCII or binary format. It's simple to just compress the files offline using Winzip or an equivalent. But, if you want to work harder, you can zip and unzip files programmatically using LabVIEW: see the
LabVIEW Windows Routines for Data Compression example here, or find similar libraries elsewhere.
Hope it helps,
John