1. A system comprising: an event subsystem that receives signaling events generated by two or more associated peripheral devices, wherein the signaling events are transferred between peripherals using multiplexed, parallel event channels of an event routing network without the use of a central processing unit (CPU) interrupt or a direct memory access (DMA) controller, wherein the signaling events allow or control a change of state in one peripheral device to automatically trigger an action on another peripheral device; a trace circuit coupled to the event subsystem that: receives the signaling events, samples the received signaling events, receives timestamps, generates event trace records, wherein each event trace record includes the sampled signaling events and a respective timestamp indicative of the sampling time, generates save commands, and delivers the event trace records and the save commands as outputs.