Here is what I did to monitor printed documents on all printers, including local and network/IP printers that have been installed on the local computer:
Public Class Form1
private withevents pmon as new printermonitorcomponent
Private Sub Form1_Load(sender As System.Object, e As System.EventArgs) Handles MyBase.Load
For Each p As String In System.Drawing.Printing.PrinterSettings.InstalledPrinters
Private Sub pmon_JobAdded(ByVal sender As Object, ByVal e As PrintJobEventArgs) Handles pmon.JobAdded
msgbox(Now & " - " & e.PrintJob.Document.ToString & " was printed.")
Hope this helps.