Equipment Diagnostic Codes - alarm list

Looking for recommendations on how to model equipment diagnostic codes in Home Assistant.

The integration connects to HVAC system that can report back hundreds of diagnostic codes and multiple may be active at the same time. Diagnostic codes have different severity levels from Info (time to change the filter, to critical) The codes can be acknowledged by the user. So it’s basically an alarm list and looking for recommendations on how to represent. To help the discussion here are some of the options I’m considering;

  • Generate events whenever an alarm occurs or changes state
  • Have a sensor that indicates the highest active alarm type with attributes to indicate totals # of active alarms and a json attributes with the list.

Ideas?