This might point you in the right direction:
how-to-write-a-custom-event-log-by-an-already-existing-provider-with-powershell
But I don't think that the New-WinEvent is what you're looking for. The description for that cmdlet says:
The New-WinEvent cmdlet creates an Event Tracing for Windows (ETW) event for an event provider. You can use this cmdlet to add events to ETW channels from PowerShell.
PowerShell 7 is a cross-platform version of PowerShell. There are still many things it doesn't do that version 5 does, and things it does differently to version 5. Unless you have a need (not just curiosity) to use version 7 I'd stick with version 5.