What do you mean by local storage?
Normally with HP SIM/agents, it can only monitor the underlying OS, which is VMware.
It usually (that I'm aware of) cannot monitor any guest disks, etc.
We've just gotten it installed and semi-working but there's a bug in the latest code that doesn't detect or work with the HP hardware correctly, (we opened a case with HP) and had to downgrade to the prior version.
My co-worker that did all this is out today, but I should get more info for you by tomorrow.
I know we can monitor the RAID status and disks (ie: if a drive fails, HP SIM will alert, etc.)