This work studies event-triggered bipartite consensus problem of multi-agent systems (MAS) with structurally balanced signed graph. A hybrid system approach is proposed to deal with the leaderless and leader-following bipartite consensus problems in a unified framework, and a novel hybrid event-triggering mechanism (ETM) is proposed to reduce the usage of communication resources. By appropriately defining closed-loop states, a unified hybrid model is constructed for both leaderless and leader-following MAS. Then, stability analysis and ETM design results are given under hybrid systems framework. It is worth noting that the designed hybrid ETM is in decentralized form rather than distributed form. Moreover, the lower bound of triggering intervals can be pre-selected, i.e., Zeno-freeness is guaranteed, that is important for control implementation. The proposed method is applied to satellite formation system in simulation results to show the effectiveness. <i>Note to Practitioners</i>—This paper considers bipartite consensus control problem of MAS, which can be applied to some practical systems, e.g., bidirectional formation of unmanned air vehicles, since the control objective in these applications can be transformed into bipartite consensus control problem of MAS. Compared with the existing results, a hybrid system approach is proposed for consensus analysis of MAS with or without leader, and a novel event-triggering mechanism is proposed, which is more easier to be implemented, so, the proposed approach is more friendly for control engineers. The obtained results are applied to satellite formation control problem and the effectiveness is verified, and it is expected that the proposed approach can be extended to MAS with more realistic network-induced constraints and applied to more practical engineering systems.