1. In a computing system that uses trace events to track execution of one or more logical operations, a method of correlating one or more trace events to facilitate analysis of the one or more trace events based on how the one or more trace events are related to any other trace event, the method comprising acts of: receiving an initial correlation identifier that marks the occurrence of at least part of an initial logical operation within executing software; creating a correlation identifier stack for maintaining logical operation relationship information; adding the initial correlation identifier to the correlation identifier stack; creating an initial trace event that comprises both the correlation identifier stack for maintaining logical operation relationship information and an initial trace event payload that describe runtime behavior of the executing software; and adding the initial trace event to a trace log for subsequent analysis of the executing software based on the logical operation relationship information [in the correlation identifier stack] and the added correlation identifier that marks the occurrence of at least part of the initial logical operation.