From Legacy Wiki
The Combat Log was one of the main features of Update 1.7.00. The Combat Log is in the upper-right hand corner of the Legacy screen and shows multiple things as they happen to your character in real time. The Log shows when someone attacks you, when money or items are transferred, when someone gets favored or disfavored, wasteland alerts, and many more things. The Combat Log can be customized to only show certain events and the color of the font can be changed for each event.