To track the status of emails sent with Twilio SendGrid in Node.js, developers can use Event Webhooks. This involves creating an Express application to receive HTTP requests whenever delivery events or engagement events occur with emails that were sent. A publicly accessible URL is required for SendGrid to forward requests to the local application. Ngrok can be used to create this public URL by tunneling port 3000 of the local machine. The Event Webhook in the SendGrid dashboard is then configured to send requests to this public URL, which are received and logged on a screen. This allows developers to see when their emails have been delivered, opened, clicked, or reported as spam.