No, I don't think you can filter any debug event. The application calling WaitForDebugEvent will get all the events. You can, however ignore any particular event after receiving it in your application.
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You have to call WaitForDebugEvent(), you do so in a loop. If you're not interested in the notification then simply ignore it. Just omit the case in your switch statement on DEBUG_EVENT.dwDebugEventCode. That's filtering it.