As the other responses have pointed out, the closest thing to an industry standard is syslog. But don't despair because you're living in a Windows world. Kiwi have a syslog daemaon which runs on Windows, and it is free. Find out more.
update
As @MichaelFreidgeim points out, Kiwi now charge for their syslog daemon. However there are other free alternatives available. This other SO answer links to a couple of them.
