PenTool in Illustrator

I'm having problems trying to trace out a logo text (UKMail Logo) on Illustrator with the pen tool; it's coming with poor accuracy on each anchor points. In Photoshop, there are tools like the Magic Wand Tool and the Magnetic Lasso Tool that can perfectly make and trace out objects/selections. Are there any tools similar to that on Illustrator, or is there any trick for better accuracy with the pen tool?