I have been working a lot on Office 365. One of my customers recently asked if they could track a message in Office 365 Exchange similar to on-premise Exchange systems.
The answer is: Yes!
The procedure is:
Go to the Office 365 Exchange Admin Center.
Login to your Office 365 portal (https://portal.microsoftonline.com)
In the upper right, select Exchange under the Admin dropdown window.
In the Exchange Admin Center, select “Mail Flow” item on the left.
You now how two options: Delivery Reports and Message Trace. Delivery reports is similar to message tracking in the On-premise Exchange systems.
There is also another option called Message Trace where you can create a reports of all the messages that were sent or received to a user, or between users.