Hi Bert,
If you've a Linux machine and a couple of USB-serial adaptors so you can intercept the connection physically, then I'd recommend socat. socat is pretty handy for this sort of thing.
You should be able to use something like
socat -x /dev/ttyUSB0,b115200,raw,echo=0 /dev/ttyUSB1,b115200,raw,echo=0
This will set the two USB ports to 115200 baud and pass data between them while printing out the traffic in hex (the -x flag).
Below is an example where I'm using TCP sockets instead of UARTs cos I don't have a couple of them handy - shows the idea though.
CU
Ian