Well, not ALL events will be shown by SEA, only those that HP decided should "phone home" to them - something they would need to take action on. For example, an issue with software (BackupExec) will not generate an SEA event. However, the test events do, at least the ones sent via iLO or OA and i believe SuperDome OA as well.
So, depending on the status, there may not be an SEA event. There should be one for a failure of a component, but not one for a "good" status. I don't know for sure if pulling a plug on a PSU will generate one. Unfortunately, it does for standalone machines and I wish it wouldn't, because HP gets a lot of "AC power loss" events from our CMS and it's annoying since I have those SNMP events set to not generate internal tickets, yet HP still calls us.
Anyhow.. i can't remember what we did to test HW failure events, I think I just assumed if the test event worked, that communication all the way through SIM to HP was working. I know it's working since we have an enclosure that generates a fan redundnancy event every so often (something fixed in firmware) and HP gets a new case each time.