It depends on what you want to achieve ( I am not aware of any such ready made document which will say that monitor XYZ on Application Events Log to achieve ABC goal because every organization have different type of requirement to achieve their monitoring goals), if you look at Splunk Add-on for Windows you can achieve this but still you need to configure that add-on based on your requirement.
For example : [WinEventLog://Application] will monitor each and every events of Windows Application Events but if you want to monitor only certain Event ID then you can use whitelist or blacklist based on your requirement, reference doc , same with performance of Windows host, you can use different perfmon stanza ( [perfmon:...] ) to achieve your goal.
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