The Create Event node creates a single cast delegate (for coherent naming we decide not to use “delegate” word in blueprints). A single cast delegate contains an object and a function that can be called on the object. An Event Dispatcher is internally a set of delegates with the same signature (a set of parameters).
Before you can choose a function in Create Event node you need to specify the object input (so the class of object is known) and the delegate output (so the signature of function is known).
The delegate output in an Event (or Custom Event) node is implemented as Create Event node where Object input is connected to ‘self’ node.
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