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Re:Strace - The Sysadmin's Microscope by JonnieCache on Thursday January 05, 2012 @07:07PM (#3431244)
OS X has a fancy GUI for this called Instruments.

(Obviously the cmdline tools are there as well.)

Re:Strace - The Sysadmin's Microscope by bingbing on Thursday January 05, 2012 @08:44PM (#3431543)
Instruments is a frontend to dtrace, I think the closest equivalent to strace on OS X is dtruss.

Additionally, OS X has several useful stock dtrace scripts, check 'apropos dtrace' for a listing