This User Tip by Terence Devlin describes options how to back up iPhoto libraries,
iPhoto and File Management
The simplest way is to copy the library to an external drive.
And sure, after testing the copy, you can delete selected events from your original library, then would your backup be no longer the backup, but your only copy of the deleted events. In that case you should use two backups, and preferably on different drives.
Also, do you know what to do, if I want to keep backing up newer, more recent photos I take into the same older library?
iPhoto does not support the merging of libraries. You would have to export the photos from th events and import them into your archive library. Or buy iPhoto Library Manager, that supports merging of Libraries.
Another way to keep your backup in sync with the original would be using clones of your disk as backup or TimeMachine.