The size is dictated by the need, the speed of the competition being autoX based, is naturally low. The slower the speed, the bigger the wing needs to be to generate useful downforce, at the same token because the speed is low, drag is significantly less important than out right downforce. The rule have also recently opened up significantly to allow for more aero...
I sorta doubt F3 cars back then quite have as much sophistication to them though...
RIT pictured:
For comparison, this is an "A-Mod" class car for SCCA AutoX. Which is not a student project and is actually made for(or made by) autoXer to race. Similar idea, and the aero need is similar also...
This is FSAE Aero circa 2008:
The rule variation from then to now is that the overhang for rear wing is more now, back then they cannot go past the rear edge of the tires, and the front overhang allowed is shorter...
University of Toronto Formula SAE Alumni 2003-2007
Formula Student Championship 2003, 2005, 2006
www.fsae.utoronto.ca