The increasing uncertainty of distributed energy resources promotes the risks of transient events for power systems. To capture event dynamics, Phasor Measurement Unit (PMU) data is widely utilized due to its high resolutions. Notably, Machine Learning (ML) methods can process PMU data with feature learning techniques to identify events. However, existing ML-based methods face the following challenges due to salient characteristics from both the measurements and the labels: (1) PMU streams have a large size with redundancy and correlations across temporal, spatial, and measurement type dimensions. Nevertheless, existing work cannot effectively uncover the structural correlations to remove redundancy and learn useful features. (2) The number of event labels is limited, but most models focus on learning with labeled data, suffering risks of non-robustness to different system conditions. To overcome the above issues, we propose an approach called Kernelized Tensor Decomposition and Classification with Semi-supervision (KTDC-Se). Firstly, we show that the key is to tensorize data storage, filter information via decomposition, and learn discriminative features via classification. This leads to an efficient exploration of structural correlations via high-dimensional tensors. Secondly, the proposed KTDC-Se can incorporate rich unlabeled data to seek decomposed tensors, invariant to varying operational conditions. Thirdly, we make KTDC-Se a joint model of decomposition and classification so that there are no biased selections of the two steps. Finally, to boost the model accuracy, we add kernels for non-linear feature learning. We demonstrate the KTDC-Se superiority over the state-of-the-art methods for event identification using PMU data.