Hi Phani
RELEASESTEPCREATED event triggers only based on release strategy maintained in the configuration in SPRO? - YES
when will RELEASESTEPCREATED event gets triggered ?- whenever a release happens....if there are 5 release levels, it will trigger 5 times ... as and when it gets released at each level. Triggering will happen automatically once release strategy is in place. That is why the standard workflow is based on this event and for every event (every release) there is a new instance of the workflow (instead of just one instance for all releases).
Regards,
Modak