Amit, if you are planning to hook up buttons, the accepted way is to use an implementation of ICommand (my personal preference is RoutedCommand). If you are aiming of to raise and handle events, have a look at Event Aggregators which is based on Publisher/Subscriber pattern.
In this, you will register a method (message handler) to ‘listen’ to a message (event) that matches a pattern. Once you done that, you can raise/publish messages (events) and when a match is found, the correct handler will gat raised
PRISM framework by Microsoft has done a good job of implementing event aggregate pattern
http://msdn.microsoft.com/en-us/library/ff921122(v=pandp.20).aspx
Hope this is useful