The Probability of Event Calculator determines how likely a specific event is to occur. By entering the number of favorable outcomes and the total number of possible outcomes, it calculates the probability using the formula P(E)=ESP(E) = \frac{E}{S}P(E)=SE​. This value ranges between 0 and 1, where 0 means the event is impossible and 1 means it is certain. The calculator is useful in probability and statistics to understand the chance of an event happening in any experiment or real-life situation.