I also get this error. I just installed PTU 3.2 with vTune 9.1 on W2K8-R2 with NehalemEx CPUs.
The installation instructions said to NOT replace sepdrv.sys with the one in the PTU directory when running this version of vTune.
I get a slightly different error when running: sep -el -info 4
Events Manager could not be initialized...Check to make sure the appropriate Events XML files are in your system path
Next I tried: vtsarun -el -v