This paper studies the fundamental dimensionality of synchrophasor data, and proposes an online application for early event detection using the reduced dimensionality. First, the dimensionality of the phasor measurement unit (PMU) data under both normal and abnormal conditions is analyzed. This suggests an extremely low underlying dimensionality despite the large number of the raw measurements. An early event detection algorithm based on the change of core subspaces of the PMU data at the occurrence of an event is proposed. Theoretical justification for the algorithm is provided using linear dynamical system theory. Numerical simulations using both synthetic and realistic PMU data are conducted to validate the proposed algorithm.