This posting is provided "AS IS" with no warranties, and confers no rights.
Windows Media Services (WMS) logging is a very broad and complex subject, but it is covered in depth by this white paper about the Logging Model for Windows Media Service 9 Series from Microsoft. What can be tricky about WMS logs is that they contain multiple kinds of log entries, some of which represent cache hits, cache misses, server data, etc. This means that naively counting hits will give false results, so I recommend strongly reading the white paper before embarking on any kind of expedition for parsing WMS logs.
I am not an expert in parsing log files, or in Windows Media Server logs, but Microsoft does provide a useful free power-tool called LogParser, which can be useful for slicing and dicing your Media Server logs. LogParser is the swiss army knife of logging tools, and has entire sites dedicated to it by its fans ( http://www.logparser.com - the unofficial logparser site ).
I have provided the following links to help you gather information on WMS logging, and Log Parser so that you can be better equipped to parse your log files.
I hope you find these links useful!