Analysing memory usage and checking for memory leaks is an integral part of any Java application developmkent. This is especially true for swing apps, where swing design lends itself to creating leaks (lots of listeners with different lifespans, some of them static, SWING TIMER!).
Here's my typical command line arguments when I'm running in debug mode, enjoy.
set MEMORY_DEBUG_ARGS=-agentlib:hprof=file=myheapdump.hprof,format=b -verbose:gc -XX:+HeapDumpOnOutOfMemoryError -XX:+HeapDumpOnCtrlBreak
set LOW_MEMORY_HEAP=-ms128m -mx128m