Yes, it will have an effect. How much of one depends not only on the counters but on the frequency that you are logging the events.
I would suggest you try such a trace on one of your testing/development servers to see how much of an impact it has before you set it up on your production server.
Gail Shaw
Microsoft Certified Master: SQL Server, MVP, M.Sc (Comp Sci)
SQL In The Wild: Discussions on DB performance with occasional diversions into recoverability