Hi Michael,
do you wanna analyze the web dispatcher activities or an XS application. Regarding the XS application you can check the trace options available in SAP HANA. By default errors are traced. With the Trace API you can add your own trace messages (if the corresponding trace level is activated). For more Information please have a look to Tracing Server-Side JavaScript - SAP HANA Developer Guide for SAP HANA Studio - SAP Library (and the sub chapters).
Best Regards,
Florian