The new Event Viewer in Vista allows you to specify a view file that filters the events that are shown in the Event Viewer. Here is a link to the view that will show only IIS7 eventlog entries in the System and Application log. Hope this is useful.
How to invoke Event Viewer with the view:
or click "Import Custom View" and open iisevents.xml if the Event Log Viewer is already open.
If you turn on "Remote Event Log Management" in the Firewall of the remote machine you can even do it remotely, for example:
EVENTVWR myOtherMachine /v:iisevents.xml