To create a Event Source in PowerShell use this:
$Source = "MyEventSource"
if ([System.Diagnostics.EventLog]::SourceExists($Source) -eq $false {
[System.Diagnostics.EventLog]::CreateEventSource($Source, "Application")
}
Get more info on CreateEventSource method here : http://msdn.microsoft.com/en-us/library/2awhba7a.aspx
In PowerShell 2.0 this is even simpler:
$Source = "MyEventSource"
New-EventLog -LogName Application -Source $Source