Yes. If you want to perform your own analysis of trace data in real time, you can use the trace in PIPE mode.

PIPE mode allows trace data to be transferred on the fly to a user-specific application while trace recording is active.

The trace data is exported through a named pipe to another application, which can then perform custom processing.

The following commands can be used to configure PIPE mode:

Trace.Mode PIPE ; Set the PIPE mode 
Trace.PipeWRITE \.\pipe\ ; Connect to named pipe (Windows) 
Trace.PipeWRITE ; Disconnect from named pipe

A demo is available in the TRACE32 installation under

demo/arm/combiprobe/stm32f103/pipeproto