Yes, you will have to download the Junos Space network management virtual appliance and deploy it. After deployment you can then install the Security Director application on top.
Log collector can either be integrated on the same VM with performance limitations or installed on a seperate VM besides Junos Space. If you have the Hypervisor capacity I will recommend to deploy the Log collector as a seperate VM.
-- Best regards,
Jonas Hauge Jensen Systems Engineer, SEC DATACOM A/S (Denmark)