Events offer a novel paradigm for capturing scene dynamics via asynchronous sensing, but their inherent randomness often leads to degraded signal quality. Event signal filtering is thus essential for enhancing fidelity by reducing this internal randomness and ensuring consistent outputs across diverse acquisition conditions. Unlike traditional time series that rely on fixed temporal sampling to capture steady-state behaviors, events encode transient dynamics through polarity and event intervals, making signal modeling significantly more complex. To address this, the theoretical foundation of event generation is revisited through the lens of diffusion processes. The state and process information within events is modeled as continuous probability flux at threshold boundaries of the underlying irradiance diffusion. Building on this insight, a generative, online filtering framework called Event Density Flow Filter (EDFilter) is introduced. EDFilter estimates event correlation by reconstructing the continuous probability flux from discrete events using nonparametric kernel smoothing, and then resamples filtered events from this flux. To optimize fidelity over time, spatial and temporal kernels are employed in a time-varying optimization framework. A fast recursive solver with O(1) complexity is proposed, leveraging state-space models and lookup tables for efficient likelihood computation. Furthermore, a new real-world benchmark Rotary Event Dataset (RED) is released, offering microsecond-level ground truth irradiance for full-reference event filtering evaluation. Extensive experiments validate EDFilter's performance across tasks like event filtering, super-resolution, and direct event-based blob tracking. Significant gains in downstream applications such as SLAM and video reconstruction underscore its robustness and effectiveness.