Create the event in the usual way. Configure the price for the event as 0.
Currently free events will show the booking section. We know that some organisations want to be able to have "calendar only" events, ie where the event is displayed, but does not have a booking component. It's on our TODO list, and will be rolled out. We will publish an update on our home page once it is rolled out. In the meantime, you can put something in the event description to make it clear that they don't need to book.
When members book for a free event (and don't put other items in their basket that require payment), the order will be processed as No Payment Required.