The CodeWarrior Trace and Profiling are not part of Kinetis Design Studio.
Trace and Profiling are supported by commercial IDE's for Kinetis, see IDEs for Kinetis MCUs|Freescale
If you want to do trace/profiling (on a different level, with source instrumentation), then this might be useful for you:
Poor Man’s Trace: Free-of-Charge Function Entry/Exit Trace with GNU Tools | MCU on Eclipse
Code Coverage for Embedded Target with Eclipse, gcc and gcov | MCU on Eclipse
Erich