Show-EventLog is a very straight forward cmdlet with a minimum of parameters. Outside of the common parameters it can only take a computer name. As it says in the name the cmdlet opens Event Viewer on the local or remote machine (remember need for admin privileges on Vista and later so start PowerShell using Run as Administrator). The computername parameter accepts a name, an IP Address or a FQDN.
Show-EventLog -ComputerName pcrs2
Show-EventLog -ComputerName 192.168.86.17
Show-EventLog -ComputerName pcrs2.somedomain.com
The PowerShell prompt is returned as soon as event viewer is opened.