How can I monitor data on a serial port in Linux?

I have found pyserial to be quite usable, so if you're into Python it shouldn't be too hard to write such a thing.

strace is very useful for this. You have a visualisation of all ioctl calls, with the corresponding structure decoded. The following options seems particularly useful in your case:

-e read=set

Perform a full hexadecimal and ASCII dump of all the data read from file descriptors listed in the specified set. For example, to see all input activity on file descriptors 3 and 5 use -e read=3,5. Note that this is independent from the normal tracing of the read(2) system call which is controlled by the option -e trace=read.

-e write=set

Perform a full hexadecimal and ASCII dump of all the data written to file descriptors listed in the specified set. For example, to see all output activity on file descriptors 3 and 5 use -e write=3,5. Note that this is independent from the normal tracing of the write(2) system call which is controlled by the option -e trace=write.