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Looking at Lib/test/regrtest.py:
 if __name__ == '__main__':
 # Simplification for findtestdir().
 assert __file__ == os.path.abspath(sys.argv[0])
I'm not sure regrtest.py is prepared to be run from trace at all. Note that this error also happens when running 'python -m profile regrtest.py', so it's rather regrtest.py specific than trace.py specific.
Anyway, trace.py itself currently passes the cmd-line argument as __file__ and not its full path, which causes the breakage in regrtest.py. The full path *could* be easily passed, but I think we should address this problem from regrtest.py's side.