The increasing popularity of web service technology is attracting hackers and attackers to hack the web services and the servers on which they run. Organizations are therefore facing the challenge of implementing adequate security for Web Services. A major threat is that of intruders which may maliciously try to access the data or services. The automated methods of signature extraction extract the binary pattern blindly resulting in more false positives. In this paper a semi automated approach is proposed to analyze the attacks and generate signatures for web services. For data collection, apart from the conventional SOAP data loggers, honeypots are also used that collect small data which is of high value. To filter out the most suspicious part of the data, SVM based classifier is employed to aid the system administrator. By applying an attack signature algorithm on the filtered data, a more balanced attack signature is extracted that results in fewer false positives and negatives. It helps the Security Administrator to identify the web services that are vulnerable or are attacked more frequently.