Methods, systems, and computer program products for correlating trace events to facilitate analysis based on how the trace events are related. Relationship information that defines relationships between logical operations is maintained within a correlation identifier stack. A correlation identifier that marks the occurrence of a logical operation is obtained for executing software and stored in the correlation identifier stack. A trace event is generated that comprises both the correlation identifier stack and an initial event payload to describe the runtime behavior of the executing software. The trace event is stored 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 initial correlation identifier that marks the occurrence of the logical operation. Upon obtaining an indication that the logical operation has ended, the correlation identifier is removed from the correlation identifier stack.