What I understand is that once the WorkItem has been completed, you want to see a section which would say that these WorkItems are complete??????

If this was what you meant, then I think you just have to change the Query, thats associated with the WorkItems. You can just select the Query like "Resolved Bugs" or "Closed Tasks" and see the resolved or completed work Items and if you want a Query which is not there Out of the Box, then you always can create your own Custom Query.

Awaiting your reply.

Thanks. I just write my query 'Team Project = @project or State = closed or state = active'.

Another question here, can we track by the percentage of completion? Though the item shown as 'closed' at microsoft project, but when you drill in, the percentage of completion is still 100%.

Well, thats good. Anyways I doubt there is anything to show the percentage of the status of the work items.

Alternatively, you can add a field called Status in your workitems and make it mandatory for the team members to enter. You can have values like 25%, 50%, 75% and 100% in that field and work out like that. I would just appreciate a thought on this, though can be a bit waveward.