Gould & DePoy proposed a pixel lensing survey towards the Galactic bulge using a small aperture (~65 mm) camera with a large pixel size (10") detector and deliberately degraded optics achieving 30" PSF. In this paper, we estimate the event rate of this pixel lensing survey expected under various detection criteria, which are characterized by the threshold signal-to-noise ratio, (S/N)_{th}, and event duration, t_{dur,th}, and investigate the characteristics of the detectable events. From this investigation, we find that the event rate varies significantly in the range ~6/yr - 120/yr depending strongly on the imposed detection criteria, implying that to maximize event detections it will be essential to identify events by diligently inspecting light variations and to promptly conduct followup observations for the identified events. Compared to events detectable from classic lensing surveys, the events detectable from the pixel lensing survey will generally involve brighter source stars and have higher amplifications. For the pixel lensing events detectable under the criteria of (S/N)_{th}=10 and t_{dur,th}=6 hr, we find that the baseline brightness of source stars will be in average ~2 mag brighter than those of classic lensing events and ~90% will have amplifications A> 20 and ~40% will be extreme EMEs with A>200. Therefore, followup observations of the pixel lensing events will provide high quality data, which enable one to precisely determine the lensing parameters and obtain extra-information about the lenses and source stars. Especially, high amplifications events with A>20 will be important targets for high-efficiency planet detections and one can uniquely determine the mass, distance, and transverse speed of individual lenses for EMEs.

total 8 pages, including 5 figures and 1 table, ApJ, accepted