This executable is installed on all servers and basically just unloads and re-loads performance counters.
We've hit this issue in the past and used to restart the server which caused the errors to go away. The errors seemed to coincide with the Synchronization Service being restarted and I can reliably reproduce it on at least one FIM instance here. The above fix appears to work intermittently in testing it, but it does seem pretty hit and miss and successive service restarts caused the issue to return. About 40% of the time the above seemed to cause the issue to resolve itself (as long as I didn't restart the Sync service again)...the other times the errors continued.
Currently on 4.1.2548.0
Indeed, this solution works... until you restart the service. I had to hack the registry to get rid of the event log errors (use at your own risk!):
1. Deleted registry key
2. Manually created 'Performance' registry key.
3. Reinstalled performance counters --> FIXED!
lodctr.exe "C:\Program Files\Microsoft Forefront Identity Manager\2010\Synchronization Service\Bin\mmsperf.ini"
The additional steps detailed by Joe Zamora appear to have been working well for me so far. Service seems more resiliant to restarts, and to be sure I've also done a few server reboots and restarting the service hasn't been causing any issues thus far.
The work-around worked for me too! thank you, finally my problem is solved.