First, I'd HIGHLY recommend using an O-Grid hex mesh. There's no need for tets on a simple geometry like that. You're topology is a square(ish) rectangular prism through the center of the cylinder. Then just basically draw radial lines outward from the corners.
This will let you define exactly how you want the mesh. More importantly, you'll reduce the number of elements for the same quality mesh.
Next, as mentioned you can typically allow swap files or other memory management tools. These are sometimes runtime options, or specified in an input file somewhere. Do a search through the Comsol help to find that stuff.
Lastly, 160k elements is not a lot. If your machine can't handle that kind of run, then as Topher mentioned, get some more RAM. RAM is dirt cheap and you'd be surprised the increases in performance you can get.