A protocol analyzer decodes, filters, and displays USB data. Some analyzers can also generate data on the bus. Some are software only. Others use hardware that connects to a USB or Ethernet port or a general-purpose logic analyzer.
Software-only Analyzers
A software-only analyzer resides on a PC and displays USB traffic sent and received by that PC.
SnoopyPro is a free tool for monitoring USB traffic. It's based on an earlier project called USB Snoopy. Seagull has Perl scripts for use with the Snoopy.
Compuware's WDM Sniffer is a free utility that displays USB requests from a WDM driver to the USB host stack on Windows.
AGG Software has the Advanced USB Port Monitor.
busTRACE bus and device analysis tool from busTRACE Technologies