Provided herein are techniques to facilitate multi-level performance tracing for a mobile network environment. In one instance, a method may include obtaining, by a mobile network, a trigger from an enterprise to initiate an underlay-level trace for a wireless device of the enterprise, wherein the trigger includes a correlation identifier that correlates the underlay-level trace with an enterprise-level trace for the wireless device and providing the underlay-level trace for a session of the wireless device by including a first trace flag for IP packets for the session and including a second trace flag for encapsulations of the IP packets for the session in which the first and second trace flag are unique to the session of the wireless device and enable elements of the mobile network to provide underlay trace information for the underlay-level trace for the session of the wireless device to a trace.