Using component-based message alerting required setup activities on SAP NetWeaver PI as well as on SAP Solution Manager.
Prerequisites in SAP NetWeaver PI
In the Integration Directory you need to define Alerting Rules. You can find detailed documentation of the necessary steps in SAP Help.
Prerequisites in SAP Solution Manager
In SAP Solution Manager you need to register for these Rules. This step is included in PI Monitoring Setup.
Please find additional Details here: PI Message Alerting (PI7.31 with SolMan 7.1 SP05)