Path and file name
Specifies the fully qualified path to the file where each event log is stored. This entry enables Event Viewer and other log processing programs to find the log files.
The value of this entry is displayed in Log name in the Properties dialog box for a log in Event Viewer.
If you must move the event log files, do not use variables other than %SystemRoot% in the file paths. Event Viewer cannot resolve variables other than %SystemRoot% on remote computers.