you are calling a script file not a command so you have to use -file eg :
powershell -executionPolicy bypass -noexit -file "c:\temp\test.ps1" "c:\test with space"
for PS V2
powershell.exe -noexit &'c:\my scripts\test.ps1'
(check bottom of this technet page http://technet.microsoft.com/en-us/library/ee176949.aspx )