the red alerts display sometimes a full minute after the event posts to the ships log. i had i planet fluxed away while i was at my computer, and the attack happened a minute before the flux, but i did not get any notification until after it was all over. the guy hit my grav whip trap which gives an alert too, had time to repair his ship, attack again, then flux.

New alerts are currently triggered when actions are performed in the game -and- periodically at a slower rate. Its currently not ideal for realtime situations.