The Workspace is the area on your computers disk where Analyzer stores settings, preferences and repositories (by default). The default location for the workspace is a new folder (named WebPerformance) in the user home folder. On Windows systems, this is usually in "C:\Documents and Settings\<username>".
The workspace can be moved to any location that can be accessed by the program, including network mounted drives. After moving the workspace, Analyzer will need to know where to find the workspace. In the installation folder (by default on Windows is "C:\Program Files\Web Performance Load Tester <version>") there is a subfolder named config. In this folder there is a file named config.ini. Edit this file in a plain-text editor (e.g. notepad) and look for a line starting with "osgi.instance.area=".
It should look like:
# set the workspace location
#osgi.instance.area=workspace
#osgi.instance.area=@user.home/WPWorkspaceNN
#osgi.instance.area=C:\\Temp\\WPWorkspace
There are a number of options for this setting.