How good is it at determining all of the necesary DLL/OCX components needed by an application?

Considering if it did a good job, should I be able to look at the install log for my app, extract the names of all the pieces that were installed and use that list to build a more robust install with say, InstallShield?

BTW, I am going to have to use the InstallShield that comes with Visual Studio 6. It is the special VC++ version, but it looks like it'll work with VB as well.