Are you trying to monitor what is going on in CodeWarrior, or are you trying to watch the communications session between the debugger and the board?
If the former, I do not know of an easier way to display the Eclipse log.
If the latter, choose Run > Debug Configurations > {name of your project debug configuration}. In the Debug Configuration window that appears, choose the Main tab, then click Edit for the Connection option. In the Properties window that appears, click on the Connection tab and then check the Enable logging option.
---Tom