Resolution:
For EMS versions before 8.0.0 , there is no way to configure the maximum number of log files to rotate. The only way is to clean up the (unwanted) old log files periodically to avoid an out of space problem. This can also be done externally via a script/batch file/cron job.

From EMS 8.0.0, we have added a new log parameter.

logfile_max_count = integer

This specifies the maximum number of log files to be kept. Specify any number greater than 2. When 0 or not specified, there is no limit to the number of log files kept.