1. A method for processing and displaying a plurality of fault events occurring in a computing system, said method comprising: defining devices in said computing system and entities of said devices; defining event types for said devices; receiving event data reporting the occurrence of events in said computing system, said reported events being of said event types; preparing an event vector for each of a selected plurality of said devices, each said event vector having a number of dimensions corresponding to entities defined for a particular device corresponding to said event vector; calculating a vector magnitude for each said event vector and identifying one of said event vectors as having the greatest vector magnitude; calculating similarity scores for each of said event vectors other than said event vector identified as having the greatest vector magnitude, said similarity scores being calculated relative to said event vector identified as having the greatest vector magnitude; calculating distances for each of said event vectors other than said event vector identified as having the greatest vector magnitude, said distances being calculated relative to said event vector identified as having the greatest vector magnitude; assigning plotting coordinates to each of said event vectors using each said event vector's distance and similarity score; and generating and displaying a similarity plot using said coordinates, wherein said similarity plot visually depicts relationships between said selected plurality of devices.