Hi Cameron,
Windchill has Supersedes/Superseded By linkages between WTParts. It is global rather than per application/usage, and would relate to a part being made "Obsolete".
You reference the event that made the modification, which brings Change Management to mind. The Change Notice would provide authorization and documentation of the change, as well as potentially the Effectivity (when the Change occurs in physical terms). I have not used it but I recall a capability to include/attach a differences report.