I am doing some reverse engineering on a 3rd party program that is making some WMI calls to the namespace Root\HP\InstrumentedBIOS. Are there any tools similar to Process Monitor that allows me to monitor WMI calls performed by another application?
Ignoring the specific application you have in mind, you might want to look into WMI logging/tracing as a way to gain more insight into WMI calls being made at run-time, e.g.:
https://techcommunity.microsoft.com/blog/askperf/wmi-debug-logging/372901