Not all event logs can be managed via GPO. Therefore, there are two more ways to change the log path and size – via GUI or CMD.
GUI
Open the Event Viewer – Right click on the log – Properties
CMD
Change the log path:
wevtutil sl "Application" /lfn:"D:\EventViewer\Application.evtx"
Change the log size:
wevtutil sl "Application" /ms: 50000
IMPORTANT:
The CMD must be started as administrator.
The log size has to be specified in KB (e.g. 50000KB = 50 MB).
More information about Wevtutil:
https://docs.microsoft.com/en-us/windows-server/administration/windows-commands/wevtutil