Resolution:
Steps:

1) Launch Jprobe console
2) config JProbe session (J2SE application) to profile your BW application:
    the following parameters can be found in bwengine.tra
   A. Main Class: com.tibco.pe.PEMain (java.start.class in bwengine.tra)
   B. Arguments: you need to provide the directory of your BW project here
   C. Classpath: you need to add all the jar files needed by BW here, including classpath in tibco.env.CUSTOM_EXT_PREPEND_CP, tibco.env.CUSTOM_EXT_APPEND_CP and tibco.env.STD_EXT_CP
   D. JVM: refer to tibco.env.TIB_JAVA_HOME in bwnegine.tra, usually it will be &ltTIB_JAVA_HOME>\bin\java.exe
3) Start the session, so you can see the profiling information.

Basically, you need to fill the bwengine config information(bwengine.tra) in JProbe session.