Hi I have created a layer in ArcMAP using Make Route Event Layer(ArcToolBox) from a view created in oracle but I am unsure if I am doing it right here..
You're on the right track. You've created a view in Oracle, now the next step is to 'register' that view with SDE, so SDE can serve the data out to ArcGIS as though it were a normal registered SDE table. (By default SDE will ignore your newly created view.) Run sdetable -o create_view with all the parameters just as the documentation says (warning: the command is very picky about every parameter, be ready to tinker) and SDE should recognize your oracle view and you will be able to see it in ArcCatalog, etc.
PS - in the future you should post server related questions in the server forum. 🙂