Okay so I believe it is something else / more at this point. I started running into this same error with the same pci ID listed in the event log. I have tested each component, reinstalled bios v1.0.6, and left all cpu/ram oc at stock settings and am still getting it. 
 
One interesting finding is now after a bit more time, others are reporting the same issues with other vendor motherboards across the interwebs. Most of them I have stumbled across were Intel 11th setups. One example: https://www.reddit.com/r/techsupport/comments/p4l7yd/event_17_whea_logger/. Exact same device id as mine: PCI\VEN_8086&DEV_4C01. In a few places, folks indicated DEV_4C01 is Intel's PEG10 so potentially related to the integrated graphics? I am using a Kingpin for my GPU but will play around with the various iGPU settings in bios now to see if any difference. 
 
Update:
A lot of similar findings as my earlier posts on this. 

• Reflashed bios and tested on two of the three bios chips on the board
• Reset all cpu/ram to stock settings and reseated them
• Disabled one NIC, the SATA, m2 key-e which resulted in the bios config summary saying PCI-e root pots 7 and 8 will be disabled with these changes
• Disabled igpu
• Moved GPU to the second slot and its running at 4.0 8x
• Tried with and without 4.0 riser cables
• The only way I can consistently to get the error to stop occurring is when I statically set the pci-e slot for the GPU to gen3

 
One may also note that in the above reddit post on their MSI board, they had the exact same issue until they changed the gpu pci-e gen to 3 

I went ahead and opened a support ticket with evga for my board and pointed them to this thread. 

To be honest, I'm very displeased with the EVGA Z590 boards. I have a FTW and Dark and get the same issue on both. I've RMA'd ALL parts (except for the Dark board) and still have the issue. My G Skill TridentZ's (3600C14D-32GTZRA) on my Dark board fail Memtest86 when set to XMP1 (sometimes pass but fail on another attempt) BUT work when I set the timings manually. CPUs have passed all stress tests I can throw at them (11700k and 11900k) I'm going to chalk it up to the BIOS at this point.
 
Setting to gen 3 makes the warning go away but that defeats the purpose right?

FYI I talked with EVGA support, provided them my findings and a link to this post. They said the only thing they could suggest was an RMA of the board. 

MackWage
FYI I talked with EVGA support, provided them my findings and a link to this post. They said the only thing they could suggest was an RMA of the board. 

I wouldn't do that if I were you, unless you have other problems. I saw this error on both my original and my RMA board. I don't know what's changed, but the last 2-3 weeks, I haven't seen this issue at all. It seems to be better for me, but from my previous testing, when I did see it, it didn't seem to affect anything and if I restarted my PC it was gone. I had gotten in the habit of booting up, keeping an eye on it for a few minutes. If I don't have an error in the first couple minutes, I won't no matter how long the PC is on or what I do.

Thanks for sharing that! I wonder if this is a memory training issue .. in that perhaps you hit the 'lottery' on some bootups where any of the values set to Auto were trained to a bad value for that boot cycle. 

MackWage
Thanks for sharing that! I wonder if this is a memory training issue .. in that perhaps you hit the 'lottery' on some bootups where any of the values set to Auto were trained to a bad value for that boot cycle. 

Could be but I have no idea. All I know is that I was previously only seeing it on a cold-boot (system was off for a long time, then powered on). If I just hit windows-restart, it would be fine...*shrugs*

MackWage
FYI I talked with EVGA support, provided them my findings and a link to this post. They said the only thing they could suggest was an RMA of the board. 

Don't RMA it.  I mean, you can if you want to, since at the end of the day we want customers to be happy.  However, let's check to see if there might be some other reasons first since this is a fairly common issue reported across different motherboards (but not necessarily fixed).  We might end up with an RMA anyway, but nobody wants to RMA a board more than once for the same issue.
 
Based on a handful of threads I just reviewed, seems like it might be a BIOS, memory, stability, driver, etc. sort of issue.  Did you post your system specs somewhere?  Got any event logs you can link?  You can also PM me directly with them.

I have seen some similarity with bugs between Z590 and X570 platforms and the thing they have in common is PCIe Gen 4. I got rid of my X570 and 5950X system due to non-stop bugs like USB drop-outs and WHEA errors galore. 
 
I saw WHEA errors with 11900K on my Z590 Dark. Not nearly as severe as the X570 system, but enough to be annoying. I also have random issues with needing to unplug and reconnect my USB devices just like the AMD system, but not as severe and frequent as the AMD  system. I have since moved to a 10th Gen i9 CPU and the WHEA errors no longer occur (no PCIe Gen 4 support) and the USB drop-out problem is a lot less frequent.

EVGATech_LeeM
 
Don't RMA it.  I mean, you can if you want to, since at the end of the day we want customers to be happy.  However, let's check to see if there might be some other reasons first since this is a fairly common issue reported across different motherboards (but not necessarily fixed).  We might end up with an RMA anyway, but nobody wants to RMA a board more than once for the same issue.
 
Based on a handful of threads I just reviewed, seems like it might be a BIOS, memory, stability, driver, etc. sort of issue.  Did you post your system specs somewhere?  Got any event logs you can link?  You can also PM me directly with them.

Thanks for the reply and sorry for delay in response! I didn't see your message until now. I am going to reply here with some more information. 

• In reviewing my application / system logs, the Windows Event ID 17 is the only message I can find related to this issue. At times, it fires a couple times an hour.. and other times, it fires literally every few seconds. I would need to do some more testing but it *feels* like it fires much more frequently while gaming .. which aligns with some of the data points below. 
• The PCI device with the hardware error mentioned in the Windows logs is "Primary Device Name:PCI\VEN_8086&DEV_4C01&SUBSYS_00000000&REV_01". In Device Manager, I was able to verify this is "Intel PEG10 - 4C01" on my computer which is the PCI express port running the Nvidia graphics card and its Nvidia HD Audio device. I did try disabling the HD Audio device there via Device Mgr but no positive impact. 
• I have tried swapping CPUs and memory kits. Have tried multiple versions of bios. Have removed all CPU OC, and tried both mem kits at default settings, xmp settings, and my manually tuned settings (which are fairly similar to Luumi's daily DR profile). 
• Sometimes the errors stop showing in the event log and I'm unsure why they have stopped which I think has lead to incorrect conclusions in the past about the cause of the issue. 
• The only change I have found which CONSISTENTLY stops the errors is changing the PCI-E port of the GPU to GEN3 in bios. I DID try running a GPU in the other PCIE slot and it was the same issue and finding. 
• I am running all current drivers from what I can find. Am also running the latest Precision X1 so my GPU's vbios should be up to date. 
• My system specs: 
  • Motherboard: EVGA z590 DARK on bios 1.07
  • CPU: Intel 11900k (have tried two different 11900k CPUs in troubleshooting)
  • Memory: G.skill F4-4266C17D-32GTRSB & G.skill F4-4000C14D-32GTES (have tried both kits)
  • GPU: evga 3090 ftw3 ultra with Optimus block & evga 3090 kingpin with HC block (have tried both)
  • OS: When I started this journey, I was running Win 10 Pro. I have since upgraded to Win 11 Pro and issues continued. 
• Some associated screenshots attached