I have looked around and have concluded that Ableton does not provide a MIDI event feature. If I am wrong please correct me. What other options are there when it comes to monitoring/editing MIDI events in Live. Any 3rd party apps that are recommended? Thanks

Unfortunately Live doesn't have a MIDI monitor of events feature. The only way to monitor the MIDI is to record the midi into another track and see what happens. It may be possible in Max 4 Live, as you have MIDI patches which can be built up to achieve this.