Are you using a single component for each Event ID?
If so you may want to look at using the Match only specific IDs option and provide a comma delimited list of IDs and reduce the number of components.
You could also look at reducing the "Number of past polling intervals to search for events" option as well.
That being said, you are correct about the collection method. The component is parsing the log to find the matches.
Often the event component is used in a more targeted approach to compliment performance data rather than wide ranges of events.
If you were looking for more of a mass ingestion type of event collection there are a couple of other potential options.
You could use the free Windows Event forwarder to send the logs over to the Syslog on Orion and handle the events there:
FREE Event Log Forwarder for Windows | SolarWinds
Or you could look at the Log and Event Manager which uses an agent to collect, encrypt and deliver the logs to a virtual appliance for processing:
Looking a little further forward, our new Log Manager for Orion will have an option to ingest events from Windows nodes: