How can I track if a trace is executing?
I think the log file you are referencing in your question is created by the SQL Server default trace.  You should be able to verify that by running:

SELECT path AS [Default Trace File]
    ,max_size AS [Max File Size of Trace File]
    ,max_files AS [Max No of Trace Files]
    ,start_time AS [Start Time]
    ,last_event_time AS [Last Event Time]
FROM sys.traces
WHERE is_default = 1
GO


There is additional useful information about Different Ways to Find Default Trace Location in SQL Server.