Policy server "stats" command gives useful information. In order to run this command, registry parameter needs to be modified.
To enable stats modify sm.registry (UNIX/LINUX) file or windows registry at HKEY_LOCAL_MACHINE\SOFTWARE\Netegrity\SiteMinder\CurrentVersion\PolicyServer, Srv2 = 1
Once this is set restart policy server and run the command "smpolicysrv -stats" and it will write the stats in smps.log file.