The improved particle swarm optimization algorithm is integrated with variational mode decomposition (VMD) to extract the efficient band-limited intrinsic mode function (BLIMF) of the single and combined power quality events (PQEs). The selected BLIMF of the robust VMD (RVMD) and the privileged Fourier magnitude spectrum (FMS) information are fed to the proposed reduced deep convolutional neural network (RDCNN) for the extraction of the most discriminative unsupervised features. The RVMD-FMS-RDCNN method shows minimum feature overlapping compared with RDCNN and RVMD-RDCNN methods. The feature vector is imported to the novel supervised online kernel random vector functional link network (OKRVFLN) for quick and accurate categorization of complex PQEs. The proposed RVMD-FMS-RDCNN-OKRVFLN method produces excellent recognition capability over RDCNN, RVMD-RDCNN, and RVMD-RDCNN-OKRVFLN methods in noise-free and noisy environments. The unique BLIMF selection, clear detection, descriptive feature extraction, higher learning speed, superior classification accuracy, and robust antinoise performances are considerable importance of the proposed RVMD-FMS-RDCNN-OKRVFLN method. Finally, the proposed method architecture is developed and implemented in a very-high-speed ML506 Virtex-5 FPGA to text, examine, and validate the feasibility, performances, and practicability for online monitoring of the PQEs.