I\'m testing with a real device connected to Android Studio. Because of multithreading behavior that I don\'t want to interrupt I\'ve added lots of log statements to my code
I'd like to add an update to this question, in case anyone else is looking for a way to change this on or after March of 2017.
The latest version of Android Studio, version 2.3, now has an option to change the size of the cyclic logcat buffer in Settings/Preferences.
Go to Settings/Preferences > Editor > General > Console and enable the Override console cyclic buffer size (1024KB) option. Once you enable this setting, you can enter a value in kilobytes for the logcat buffer.
It would have been better if Google added the word "logcat" in there, because it can't be found with a search of the preferences unless you specifically enter "console" or "cyclic", etc.
Edit: Google have now assigned this issue to a developer. It should be implemented soon, and I'll update this answer when it is.