Shameless plug: if you want to trace Windows applications you can take a look at my company products SpyStudio[1] and Deviare[2]. Before downvoting me try them to see how powerful and unique they are in the Windows ecosystem.
VMware is using SpyStudio for creating and troubleshooting application virtualization packages, this is, for example, a twitter post from a VMware escalation engineer: https://twitter.com/DooDleWilk/status/428562701313662977