Hi,
Log Parser, and Log Parser Studio created by Exchange Team gives you the option to extract sender/recipient addresses for failed mail transactions from Message Tracking Logs.
Log Parser 2.2 is a command line tool for parsing logs files. It can be downloaded from the following link.
http://www.microsoft.com/en-us/download/details.aspx?displaylang=en&id=24659
Log Parser Studio is a custom GUI build for LP by Exchange Team and it has 181 queries which is helpful in generating reports and troubleshooting issues related to AD/Exchange. Following is the link to download it.
http://gallery.technet.microsoft.com/Log-Parser-Studio-cd458765
Path of Messaging Tracking Logs can be found from the following location.
You could copy MT Logs generated for a day to a local folder and select the MT Logs using 'Chose Log files/folders to query option' in LPS. Then run the query 'Message Tracking: Exchange 2010 - Failures by sender/receiver/direction/status' from LPS Library. This will generate a report of failed mail transactions for the day in a new tab with details like sender, recipient and error.