I know that Test Case Management app silently records intellitrace data dump files (http://blogs.msdn.com/jennifer/archive/2008/12/05/visual-studio-team-system-vsts-2010-making-testing-easier.aspx)
I was curious if there is a standalone version that allows to record intellitrace logs (e.g. something that would sit in the tray window).
VSTraceLog.exe under "Microsoft Visual Studio 10.0\Team Tools\TraceDebugger Tools" could be what you are looking for.
VSTraceLog.exe /? to get the different options.
A simple example: VSTracelog.exe launch /cp:CollectionPlan.xml /f:logfilename.tdlog TheExecutableToLog.exe
You'll want to copy the file "Microsoft Visual Studio 10.0\Team Tools\TraceDebugger Tools\en\CollectionPlan.xml" to a known location and modify it. Open the XML file and find "DiagnosticEventInstrumentation" set the enabled attribute to true. Optionally you can enable "TraceInstrumentation" as well. Enabling TraceInstrumentation would be like enabling Tools->Options->IntelliTrace->events and call information.