Special Events were only featured in the PSX version of Need for Speed: High Stakes.
The gameplay is practically the same as in Tournaments. Players race in a series of races. To win he/she must get in the best position as they can, to get many points. After collecting most points when the tournament is finished, the player wins and will be rewarded with new content.
Other than tournaments, players must fulfil requirements in some special events, in order to take part (only specific cars can enter races.)