Hello
Yes you can correlate the view state in your script, use below function:
web_reg_save_param("Cor_ViewState", "LB=__VIEWSTATE\" value=\"", "RB=\"", LAST);
And also increase the size of web_reg_save_param by adding web_set_max_html_param_len("1000000"); in beginning of your script.
to find view state value is not vary easy because of its large size, you can use download this excel utility which helps you in finding correlation values:
Load Runner Correlation Finder
Thanks,
Deepak