Password spraying is a type of attack where an attacker tries a small number of commonly used passwords across a large number of accounts. The event logs showing failed login attempts for many user accounts from the same IP address are indicative of a password spraying attack, where the attacker is attempting to gain access by guessing common passwords.
References = CompTIA Security+ SY0-701 study materials, particularly in the domain of identity and access management and common attack vectors like password spraying.