Ok first off it depends on the version of Win95 because of the FAT size. Is it only FAT16 which has a 2 gig limit or is it FAT32? I am guessing from your last line on your post you may not have an active partition that is why you can't see the drive when you look. I am having a hard time understanding exactly what it is your trying to do. I will give you some info if it helps.
Basically do this. Ghost has worked the same in all the versions, it just got prettier. If you are trying to image the older drive that is in FAT16 it won't go past 2 gig because that's as high as it went, unless with multiple partitions. If you are trying to lets say ghost and image from a newer drive(eg. 20 gig) to and older drive (eg. 8 gig) that you have laying around completely take all the partitions off the older drive and leave it completely blank. Then use ghost to image disk to disk and it will transfer your good working image that you want to the older drive. Of course if the older drive is large enough to hold the newer drives data. As long as the newer drive acutal data is not larger than your old drives capacity.
If you are trying to do the other way, older drive to newer drive it gets a little more tricky. Basically you can't image disk to disk because it will maintain your old FAT table on the new drive, of course so it maintains your data. In this case just Ghost it and then go into fdisk and create multiple partitions(2 gig) in size because Win95 a and b version could only see FAT16 to get more space on a newer drive.
With all this said, if you are taking and OLD Win95 HD that has mutiple partitions then you have to back them up individually because they are essentially seperate drives contained on one hard drive.
Hope this helps.