1. A method of monitoring execution behavior of a program product, the method comprising: (a) providing for the program product a trace tool producing a trace tool output having human-readable trace strings written in a human language, the trace strings including human-readable data fields for recording diagnostic information related to executable instructions of the program product; (b) providing a database storing identifiers of the trace tool, the trace strings, the data fields, and components of the diagnostic information in a binary language and the human language, wherein the database is used to cross-reference the identifiers and the components of the diagnostic information in the binary and human languages for translating contents of the trace tool output from one language into another; (c) using the database, encoding the contents of the trace tool output by: (i) converting the human-readable trace strings and at least portions of the human-readable data fields of the trace tool output into the corresponding binary identifiers stored in the database; and (ii) adapting the trace tool for storing the diagnostic information in the human-readable data fields using the binary identifiers, to produce a a binary trace-tool output; (d) monitoring execution of the instructions of the program product using the adapted trace tool; (e) producing an encoded trace report containing the binary trace-tool output having the diagnostic information in the form of trace strings and data fields replaced with their respective binary identifiers; and (f) decoding the encoded trace report into the human language wherein the corresponding human-readable trace strings of the encoded trace report are found in the database based on the binary identifiers and the binary identifiers are converted into the human-readable trace strings.