In 4.0+ you can hide the event labels in the viewport by using the visibility dot next to the event in the tree.
In 4.2 the dopesheet rows for timelines that aren't under a bone (eg events, draw order, global physics timelines, etc) are only shown when a related item or nothing is selected. For example, if a bone is selected you won't have the event timelines cluttering up your dopesheet. To see the event timelines you can deselect (spacebar or escape or double click in the viewport) or select an event in the tree.
This should reduce the need to use the dopesheet and graph filters to hide event timelines, making it easier to use filters for your other work. Since the event timelines are often not visible, it doesn't make sense to tie the viewport event labels to whether the event timelines appear in the dopesheet/graph.
