There is no option equivalent to the PMPC SET SESSION RATE request Local_Change = Y option, because when using the SetSessionRate function, there is no local MONITOR PARTITION in which to apply the rate to.
You can set the SetSessionRate function to a global (SesMonitorSys) rate. That is, a collection rate at which session-level statistics are collected in memory. This rate is returned in the SesMonitorSys data value by the MonitorVirtualSummary function.
The SetSessionRate function provides similar functionality to the PMPC SET SESSION RATE request. For information about this interface, see SET SESSION RATE.