for example the plane is a completely regular T2 space, and if we consider the algebra of functions which have limits at infinity, the corresponding compact space containing it is homeomorphic to the sphere, i.e. to the plane plus one point at infinity where those functiions attain their limit as a value.
I.e. the correspondence is that a subalgebra of functions gives rise to a compact space on which each of those functions extends to a continuous function. it follows in pARTICULAr that there is a huge compact space to which every function continuous on the original space extends. this is called the stone cech compactification.