Assuming you've turned the encryption on, which is not the default, ASP.NET will use the web site machine key as the key used to encrypt and sign ViewState and cookies. As you can set the machine keys (for validation and decryption) to a known value in web.config you could then use this to decrypt manually if necessary.
Configuration also allows you to override which algorithms are used, so you'd need to set those in the web.config as well to get a known starting point.
By default it's 3DES, in ECB with PKCS7 padding, and the viewstate itself is a base 64 string, so from that you'd take the base64 string, convert back to a byte array and then push through a 3DES decrypter to get the data back.