There's no limit to physical file size, but there are limits imposed on individual maps. A single map cannot have more than 256 types of flats, 65536 tags, or a certain number of linedefs or sectors (I'm not sure of the number in that case). Linedefs can't be longer than 32,768 fracunits. There may also be some others that I'm unaware of.
However, I don't think you need to worry about going beyond the limits. These limits are so huge that no reasonable level would ever exceed them. Even the two largest levels in SRB2's history, Egg Rock Zone Act 2 and Neo Aerial Garden Zone, don't even come close to any of these limits.