You can create an event that fires when a specific player busts out. That one is possible. Creating an event that fires when a specific prize is awarded is not possible.
To identify a player, you can use the ID variable or the InternalID variable. The ID variable corresponds to the ID field of a player. Players will have an ID value only if you assign one. The InternalID variable corresponds to the internal ID that the application uses to identify each player. All players will have an internal ID, even if they are not in your player database and only added to the tournament.
To see a player's internal ID, edit the player on the Players tab or the Database tab (if from the Players tab, edit the player then press the Edit button next to the player's name on the Edit Game Player dialog). Near the bottom of the player details dialog, check "Show all fields". The Internal ID field should show itself. It will have a value similar to this: 4279b6a0-ab15-11df-338a-e9c53cd879ca
When you create an event, the Trigger should be "A player busts out", and the Conditions will be:
internalID = "4279b6a0-ab15-11df-338a-e9c53cd879ca"
The process is the same if you use the ID field. Just change the Conditions to:
id = "whatever-value-the-player-has-for-their-id"