A method and system are disclosed for efficiently correlating network events within a data processing system and then transmitting messages to various network entities in response to an occurrence of a particular network event. According to the present invention, a network mediation service receives raw message streams from one or more external networks and passes the streams in real-time to the event notification service. The event notification service then passes the message to the message parsing service for processing. After the message has been parsed by the message parsing service, it is passed back to the event notification service which passes the message along an event channel to the network management service. The message is also passed to the event correlation service for event correlation. A knowledge-based database of message classes that define how to interpret the message text are used by the event correlation service to match correlation rule conditions to the observed events. After event correlation service processes the parsed event, it is passed to the network management service for resolution.