1. A method comprising: receiving time series data representative of seismic activity sensed by a plurality of seismic sensors, the seismic activity including microseismic events in a subterranean formation; using one or more processors, automatically calculating one or more statistical parameters for performing automated analysis of the time series data to identify events of interest, the one or more automatically calculated statistical parameters including a signal subspace dimension; and using an event detector, performing automated analysis of the time series data, based at least in part on the one or more automatically calculated statistical parameters, to identify indication of micro seismic events of interest in the time series data.