While it's not a CLI tool, the Process Monitor from Microsoft SysInternals allows you to do so. There you can follow all syscalls a process makes (or rather: all processes), similar to what strace
does on Linux/etc. But instead of starting it together with the program, you start it separately.
If you're used to Linux it's a bit clumsy to understand how the interface works (especially when it comes to filtering), and it definitely has a much worse user experience than strace
in my opinion. Despite this though it's been an invaluable development tool on Windows for me.
Just don't leave it running in capture mode while you're doing something unrelated, otherwise it will collect enormous amounts of data. (And possibly slow your system down.)