You can't go back and create a situ from past events. But the next time you're flying PSX and something happens that you don't understand, or something happens that you want to investigate, you can press the REC EVENT button to save a situation file ("situ") with the state of basically every variable at the moment including weather and FMC data. You can press REC EVENT as many times as you want, and each time it saves a separate situ.
Thus, if you're flying and all hell breaks loose, you can keep flying and trouble-shooting, but by pressing REC EVENT, you can reload that exact situation again and again to explore what's going on. Or you can upload the situ here so that people can dissect it for you and let you know what was going on.
Pressing REC EVENT doesn't terminate your flight, you can keep going. It just saves a snapshot for future use.