I helped build this feature into HPjmeter - but it was a platform specific feature (meaning it was only available on Itanium/HP-UX). It's useful to solve specific types of problems (e.g identifying sites that are doing heavy short term allocations and contributing to GC pressure). For most leaks, the leaking object dominates your object graph, and your standard tools will help visualize this.
In the unlikely event that this is indeed your development environment, the flag to collect this data is PrintAllocStatitistics
(again, platform specific!):
java ... -XX:+PrintAllocStatistics -Xverbosegc[0|1][:file=[filename[,[n][h][d][u][t]]]]
You can also read more about this capability in the online documentation. Search for Allocation Statistics