Post-silicon validation is a major challenge due to the combined effects of debug complexity and observability constraints. Assertions as well as a wide variety of checkers are used in pre-silicon stage to monitor certain functional scenarios. Pre-silicon checkers can be synthesized to coverage monitors in order to capture the coverage of certain events and improve the observability during post-silicon debug. Synthesizing thousands of coverage monitors can introduce unacceptable area and energy overhead. On the other hand, absence of coverage monitors would negatively impact post-silicon coverage analysis. In this paper, we propose a framework for cost-effective post-silicon coverage analysis by identifying hard-to-detect events coupled with trace-based coverage analysis. This paper makes three major contributions. We propose a method to utilize existing debug infrastructure to enable coverage analysis in the absence of synthesized coverage monitors. This analysis enables us to identify a small percentage of coverage monitors that need to be synthesized in order to provide a trade-off between observability and design overhead. To improve the observability further, we also present an observability-aware trace signal selection algorithm that gives priority to signals associated with important coverage monitors. Our experimental results demonstrate that an effective combination of coverage monitor selection and trace analysis can maintain the debugging observability with drastic reduction (up to 10 times) in the required coverage monitors.