Oracle's sqlplus utility does not put asterisks like that. If you use it interactively, and enter your password when prompted, it will hide all characters, but never put asterisks.
So, if you do want to see those asterisks, then you'll have to process your log file after you're done with your task with sqlplus. I am assuming you do not want to do that. Log files are not supposed to be touched. They are used for auditing and trouble-shooting; you don't tamper with the evidence.

You could avoid entering the password entirely if you configure your client use the external password store. Oracle stores the login credentials in a "wallet" in the client machine in that case. You could then use the "connect" statement like so -

Code:

CONNECT /@db_connect_string

and Oracle determines the login credentials from the wallet itself. More details are in the Oracle Database Security Guide in the documentation.

A simpler technique, however, would be to sandwich the "connect" statement between echo off and on -

Code:

def ora_user =&1
set echo off
CONNECT A_PROXY[&ora_user]/abc123@DEV01
set echo on
....
... rest of the stuff
...

If you feel like adding a diagnostic message at that point, then use the "prompt" command to print something relevant -

Code:

def ora_user =&1
set echo off
prompt Connecting to A_PROXY[&ora_user]@DEV01 now...
CONNECT A_PROXY[&ora_user]/abc123@DEV01
set echo on
....
... rest of the stuff
...