I do not know about Real Player, but let me suggest a few things.
You can know whether a process by EVNTSVC.EXE is working or not on your computer through Task Manager ("processes").
The .exe file in question does not seem to be a spy ware in a strict sense but a kind of scheduler for automatic updating or messaging.
There seemed to be a performance problem caused by the EVNTSVC.EXE file installed with an older version of RealOne Player (ver. 1) on XP, but RealOne Player ver.2 appears to have solved the performance problem.
(I usually use QuickPlayer on a Mac OS for audio/video. Sometimes I am forced to use RealOne Player or Windows Media Player. You can experience the both options in the following link. I prefer RealOne Player in this case.
http://www.wqxr.com/cgi-bin/iowa/air/listen/index.html )