Let us have a set $S$ and a subset $T \subseteq S$. I want to find an approximate representation of $T$, i.e. I want to represent (exactly) a set $T'$ that is close to $T$. That is, I want the symmetric difference $|T \triangle T'| \leq \epsilon |T|$. I want the representation to be as small as possible.
Formally speaking, I want to have functions $f: 2^S \rightarrow \{0,1\}^*$ and $g: \{0,1\}^* \rightarrow 2^S$ such that $f(T)$ has as few bits as possible (i.e. it is as slowly growing a function of $|T|$ as possible) and $g^{-1}(f(T)) \triangle T \leq \epsilon |T|$.
If I was fine with an error of $\epsilon |S|$ then I could use a bloom filter or one of the similar data structures. However, I am not aware of similar data structures for "relative" approximation. I suspect that nothing non-trivial is possible unless $|T| \approx |S|$. But is this correct?