I've been irritated by this for a while and tried all the "fixes" in the various forum threads. Im a software engineer so I decide to actually troubleshoot it.
When launching predator sense I scrubbed the event logs and found failures to reference perfmon counters.
This indicates that there is an issue with perfcounters in windows. If you see these events immediately after opening predator sense you know you have the same issue.
To fix this issue, close out of all predator instances in task manager:
Then open an administrator command prompt.
For 32bit windows change directories to c:\windows\system32
For 64bit windows change directories to c:\windows\SysWow64
Then run the following command to rebuild perfmon counter libraries (this will rebuild both Microsoft and 3rd party counter libraries)
Note it has to be a capital R or you will get an error.
You should get this result:
Once that is done you should now be able to run PredatorSense.
Please let me know if this helps anyone!