The device manager is a component that runs as a service. It detects devices (real or emulated) that conform to the Universal Emulator Interface Specification, version 1.0.2. The Device Manager automatically restarts every time your computer restarts.
You can manually launch installdir/bin/device-manager.exe from a script or the command line.
Right-click on the device manager icon in the system tray and you see the Show Output option. When it is selected the log is displayed in a console window.