You can monitor your RS-232 port with another RS-232 port. You can't do it just in software and you can't do it with only one RS-232 port: if two programs are trying to read one port, only one will get the data. If you have another RS-232 port available, make a monitoring cable:
1. Wire all pins of a DB9 male connector to a DB9 female, pin 1 to pin 1, etc.
2. To a second DB9 female, connect pin 2 to pin 2 of the first DB9.
3. Connect pin 3 of the first DB9 to the anode of a diode (like 1N4148).
4. Connect the cathode of the diode to pin 2 of the second DB9 female.
You can use Hyperterm (or Labview) to monitor the second RS-232 port.