I came across this really nifty little utility to help analyze your Wireshark tracefiles.
Splitpcap will use 1 trace file and create various trace files based on your criteria.
For example you can ask splitpcap to create a trace file for all the ip addresses and tcp/udp conversations, or create a trace file for every ip address, plus a ton more.
I especially like the -y L7 switch that will extract the application data or payload and save it in a text file. Just like Follow TCP or UDP Stream.