The steps to transform a raster image to a vector image using Live Trace in Illustrator are:
1. Open or place the raster image file into Illustrator.
2. Use the Live Trace command to automatically trace the artwork and control the level of detail.
3. Once the tracing results are satisfactory, convert the tracing object to paths or a Live Paint object by selecting it and clicking Expand, Expand As Viewed, or Live Paint in the Control Panel.
Live Trace allows simple and time-saving conversion of raster images to vector graphics but can result in more complex paths than manually tracing. Some preparation and a clear original sketch are needed for best Live Trace results.