In nonrelativistic quantum mechanics, for any isolated system of N particles, there is a corresponding wave function
\psi(x_1, y_1, z_1, x_2, y_2, z_2, ..., x_N, y_N, z_N, t)
The meaning of this quantity is that |\psi|^2 \delta V^{N} is the probability at time t of finding the first particle within a little cube of volume \delta V centered at x=x_1, y=y_1, z=z_1 and finding the second particle within a little cube centered on x=x_2, y=y_2, z=z_2, etc. In general, there is only one wave function for the entire system of interest, regardless of how many particles are involved. The universal wave function is just the limiting case in which the "system of interest" is the entire universe.