I've just copied the below straight from the Logic Studio Instruments and effects manual (p.128) :
"The Correlation Meter displays the phase relationship of a stereo signal.
-A correlation of +1 (plus one, the far right position) means that the left and right
channels correlate 100% (they are completely in-phase).
-A correlation of 0 (zero, the center position) indicates the widest permissible left/
right divergence, often audible as an extremely wide stereo effect.
-Correlation values lower than zero indicate that out-of-phase material is present,
which can lead to phase cancelations if the stereo signal is combined into a monaural signal."
So if your meter is far to the right that's a very good thing! :-)
It is also possible to reverse the phase of an audio file for correcting phase cancellation errors. In the Sample Editor Choose Functions > Invert.
For more details on this (I have no experience trying this out yet) look at p.500 of the Logic Pro 8 User Manual.
Personally, if I had phase issues I'd also go to Soundtrack Pro. It's analysis tool works offline and is easy to use. You can also send an audio file to STP from within Logic.
Options > Audio > Open in SoundTrack Pro (Cmnd - W).