Delegates in C#
If we look at C++ there is a feature called callback 
function. This feature uses Pointers to Functions to pass 
them as parameters to other functions. Delegate is a 
similar feature but it is more type safe, which stands as a 
stark contrast with C++ function pointers. A delegate can 
hold reference/s to one more more functions and invoke them 
as and when needed.
Any delegate is inherited from base delegate class of .NET 
class library when it is declared. This can be from either 
of the two classes from System.Delegate or 
System.MulticastDelegate
If the delegate contains a return type of void, then it is 
automatically aliased to the type of 
System.MulticastDelegate

Events in c#
Delegate usefulness does not just lie in the fact that it 
can hold the references to functions but in the fact that 
it can define and use function names at runtime and not  at 
compile time. A large goal of design delegates is their 
applicability in events model of .Net. Events are the 
actions of the system on user manipulations (e.g. mouse 
clicks, key press, timer etc.) or any event triggered by 
the program

Example can be seen at 
http://www.codersource.net/csharp_delegates_events.html

In C# delegate is a class which contain the referance of a 
function. or we can say that it is an function pointer.

and Event are the action performed by the user such as 
mouse click elc.