This might be related (personal experience on Itanium blades - but might not apply to Proliant.)
The system “Health” LED on the blade is ON, and in the OA, the device bay Status tab for the blade shows “System Event Health” as degraded, however the blade has no obvious problems and has been “Up” for close to two years since the LED came on. I couldn’t find any way of turning the LED off, short of pulling the blade and re-seating.
If you have checked out your blade, and all seems well, the LED can be turned off (and the Status returned to “OK”) by logging into the ILo and opening the System Health Log. Apparently the LED indicates only that an ** “event” you should know about” ** has occurred, Not necessarily a problem. In our case, the event seemed to have been related in some way to the blade 4.31 firmware install (based on the date/time),
however I upgraded 9 blades with the same firmware without any issues. That upgrade took place on 12-Aug-2012, and this blade was (soft) booted on 13-Oct-2013, so this LED has been on, I assume continuously, for close to two years, without any issues with the blade, and without knowing how to turn it off.
The help for the OA page says;
System Event Health: The internal System Event Health that the device is reporting. If the status is not OK, examine the blade System Event Log on the iLO to determine the cause of the condition. Possible values are OK, Degraded, or Failed.
(Note. it says nothing about the LED. However, I happened to to and check out the logs today, and ‘whadoyaknow’, the LED went out, and the OA indicator changed to Green.)
It seems that the act of opening the System Heath Log on the iLo is sufficient to satisfy the OA that you have seen it.