Automated detection of microseismic events is performed by a system and method that provides automated calculation of one or more statistical parameters for statistics-based detection of microseismic events of interest. An event detector to perform signal subspace-based detection may automatically, e.g. iteratively, be configured based on the one or more automatically calculated and/or estimated statistical parameters, which may include a signal subspace dimension, an effective embedding dimension, a detection threshold, and/or a false alarm rate. Some of the statistical parameters may be calculated based on custom-generated synthetic seismic data.