Simultaneous Localization and Mapping (SLAM) plays a crucial role in enabling autonomous vehicles to navigate previously unknown environments. Semantic SLAM mostly extends visual SLAM, leveraging the higher density information available to reason about the environment in a more human-like manner. This allows for better decision making by exploiting prior structural knowledge of the environment, usually in the form of labels. Current semantic SLAM techniques still mostly rely on a dense geometric representation of the environment, limiting their ability to apply constraints based on context. We propose PathSpace, a novel semantic SLAM framework that uses continuous B-splines to represent the environment in a compact manner, while also maintaining and reasoning through the continuous probability density functions required for probabilistic reasoning. This system applies the multiple strengths of B-splines in the context of SLAM to interpolate and fit otherwise discrete sparse environments. We test this framework in the context of autonomous racing, where we exploit pre-specified track characteristics to produce significantly reduced representations at comparable levels of accuracy to traditional landmark based methods and demonstrate its potential in limiting the resources used by a system with minimal accuracy loss.