Hi ,
yes you can monitor the progress.
you have to login to the admin console in the TSM server. Then you have to say " q sess" --> query session. It will display how many bytes backed up and time it has taken for that.
You can also access this from you server. Login as root and say "dsmadmc" you will get a prompt then say "q sess"
the same result you will get here also.
Let me know if it helps you.