The standard way to monitor the transaction log is to put a "free-space threshold" on it. Basically, you tell Adaptive Server to do something when the log gets X percent full. You can get ASE to call a stored procedure that YOU write - this proc can dump the transaction log, or write to an error file etc.
It's not too hard to add a threshold - the syntax is:
exec sp_addthreshold <db>, logsegment, <nr of pages>, <stored proc>
The part that takes a bit of knowledge is working out how many pages (space) to set as the threshold. First you calculate the total size of the log:
select sum(size) from master..sysusages
where dbid = db_id(<db>) and (segmap & 4) = 4
Then if you want the threshold to fire at say 60% full, multiple the result from the above query and set the number of pages to sp_addthreshold to that result.
Hope that makes some sense. If you want more info, the write-up is in the Sys Admin product manual in chapter "Managing Free Space with Thresholds".