for every Log in LogEvents, find for LogIter and if that subelement has "999" text then call getItemStr() for that Log. If "999" subelement is not present, a None list will be appended. Hence, filter the result list with None.
from xml.etree import ElementTree
tree = ElementTree.parse('sample.xml')
root = tree.getroot()
def getItemStr(item):
    return ','.join([sub_item.text for sub_item in item])
print filter(None,[[getItemStr(item) for child in item.findall('blub:LogIter',{"blub":"Uri"}) if child.text=="999"] for item in root ])
If that last line throws error, You an even use
print filter(None,[[getItemStr(item) for child in item.findall('blub:LogIter') if child.text=="999"] for item in root ])
In python 2.6 and earlier versions, you have to register namespace explicitly like
print filter(None,[[getItemStr(item) for child in item.findall('{Uri}LogIter') if child.text=="999"] for item in root ])
Output:
[['09/03/2017 01:02:16.3216,999,blub:System,100,I processed something,Process,hello']]
Add a namespace like xmlns:blub="Uri" to your xml! 
<blub:LogEvents xmlns:blub="Uri">
 <blub:Log>
  <blub:LogTime>09/03/2017 01:02:16.3216</blub:LogTime>
  <blub:LogIter>999</blub:LogIter>
  <blub:PlugInName>blub:System</blub:PlugInName>
  <blub:EventNumber>100</blub:EventNumber>
  <blub:EventName>I processed something</blub:EventName>
  <blub:EventClass>Process</blub:EventClass>
  <blub:LogMessage>hello</blub:LogMessage>
 </blub:Log>
<blub:Log>
  <blub:LogTime>09/03/2011 01:02:16.3216</blub:LogTime>
  <blub:LogIter>1000</blub:LogIter>
  <blub:PlugInName>blub:System</blub:PlugInName>
  <blub:EventNumber>100</blub:EventNumber>
  <blub:EventName>I processed something</blub:EventName>
  <blub:EventClass>Process</blub:EventClass>
  <blub:LogMessage>hi</blub:LogMessage>
 </blub:Log>
</blub:LogEvents>
Hope it helps!