Hi Ashwin,
By "monitoring" if you mean the checking the configured part, following is the navigation
SOLMAN-->DBACOCKPIT-->Configuration-->Server configuration-->Memory Use-->number of user connections
If you are looking for "dynamic" usage of this parameter,
using DB02-->Performance -->Dash board-->Connections
will give you information of active, free and reuse count values.
Also,sp_monitorconfig "number of user connections"
will give you same results using isql.
HTH
Rajesh