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The Design Bounds section controls both the canvas size of the work area and the image size for the currently loaded image.

For instructions on how to scale the size of the design rather than just changing the canvas size, see Scaling Designs.

Load the Image. 

The image is loaded into the Trace editor.

The image's current size is displayed in the Design Bounds section.

Enter the desired size for the image in the Design Bounds section. 

The image will resize proportionately. If the Width is entered, the Height adjusts automatically and vice-versa so that the image scales proportionately. 

Now, when you draw over the image, you know what the exact size of it is.