As mentioned above, I'm not aware of anything that will trigger a script after an SNMP trap has been received - Windows itself doesn't act as a trap receiver unless you install such a daemon on to Windows, it can only really send them.
If you're trying to do something when an Event is registered in the Event Log, you will likely be better off using Windows Server 2008's built-in "Attach Task To This Event.." option which you will see if you right-click on any event in the Event Log.
In order to raise an actual SNMP trap when an Event is logged, look at evntwin.exe or, if you're more comfortable with CLI evntcmd.exe
There are a couple of programs - one I used in the past was What's Up Gold - that can react to SNMP traps received.
If you think I can provide any more information, please come back to me.
-Lewis
EDIT: Maybe something that would be useful for you are Temporary Event Consumers but it essentially requires a script to run continuously and it uses VBScript so you'd need to adapt to PowerShell or adapt your PowerShell script to VBScript. Look at: http://msdn.microsoft.com/en-us/library/aa392396(v=VS.85).aspx
Essentially this script monitors the Event Log but the concept is the same.
sComputer = "."
Set oWMIService = GetObject("winmgmts:{(Security)}!\\" & sComputer & "\root\cimv2")
Set cEvents = oWMIService.ExecNotificationQuery _
("SELECT * FROM __InstanceCreationEvent WHERE " _
& "Targetinstance ISA 'Win32_NTLogEvent'")
Do
Set oEvent = cEvents.NextEvent
Select Case oEvent.TargetInstance.EventCode
Case "100"
Wscript.Echo "Event 100 occurred".
End Select
Loop