A bit late on this maybe but:

Determine the SU per second of your machine

You can get this with the following REXX code

CVT  = STORAGE(10,4)                         
RMCT = STORAGE(D2X(C2D(CVT)+604),4)          
SU   = STORAGE(D2X(C2D(RMCT)+64),4)          
SU   = 16000000/C2D(SU)                      

For a 301 this would be 21857.9235

1 CPU second is therefor 21857.9235 Service Units

Divide this figure by 48.5 to get MIPS = 450.678835

Check that this correct by consulting Gartner etc and adjust the 48.5 more 
accurately

Use the actual Transaction CPU time to get the percentage of the 450 MIPS 
used E.G .002 secs = .9 MIPS

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