I managed to find the solution(using this blog post)- The Log file names were changed in ADFS 2.1 from AD FS 2.0 Tracing/Debug to AD FS Tracing/Debug
Old Path:
%SystemRoot%\System32\Winevt\Logs\AD FS 2.0 Tracing%4Debug.etl
New Path:
%SystemRoot%\System32\Winevt\Logs\AD FS Tracing%4Debug.etl