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It will be good if you refer to "OSIsoft: What are PI Event Frames? - YouTube ", it will explain you what Event Frame is then you can relate it to a use case, which can be many for e.g capturing startup parameter or comparison with a golden batch.
In short, Event Frame(EF) is an identification and capture of "Important Events". Important events can be any one of equipment stoppage, startup, overheat, downtime of an equipment and etc.
Anything that you may want to note the time so that you can refer to the time later on. It often triggers an email notification or alarm to the suitable operators. I often used terms like alarm or 'a bookmark in time' to explain Event Frame.
Perhaps this video may help you understand what is Event Frame and how to use it:
Event Frame section starts around 20:00 into the video.