Tracking.log

Tracking logs are created when message tracking is enabled on a Microsoft Exchange Server component. These logs can be read and edited by any text editor. The logs are tab delimited and can be loaded into spreadsheet programs like Microsoft Excel. You can also write an application to interpret message tracking logs.

Message tracking must be enabled for a component to begin recording activity in the tracking log. When you enable message tracking for any component, all similar components on servers in that site write to the tracking log.

http://support.microsoft.com/default.aspx?scid=kb;EN-US;q173364

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Messages sent to and from Microsoft Exchange Server can be tracked to determine the cause of mail-related problems. You can:

Track messages to locate slow or stopped connections.
Find unaccounted mail.
Track an unauthorized message and remove it from the system.
When message tracking is enabled, each component handling mail records its activities in a log maintained by the system attendant on each server. The log becomes a trace of the processing of each message as each component receives, processes, and delivers it to the next component. The tracking logs are stored in \Exchsrvr\Tracking.Log.

http://www.microsoft.com/exchange/en/55/help/default.asp?url=/exchange/en/55/help/documents/server/xog05027.htm

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