This paper studies a behavioural theory of the π-calculus with session types under the fundamental principles of the practice of distributed computing — asynchronous communication which is order-preserving inside each connection (session), augmented with asynchronous inspection of events (message arrivals). A new theory of bisimulations is introduced, distinct from either standard asynchronous or synchronous bisimilarity, accurately capturing the semantic nature of session-based asynchronously communicating processes augmented with event primitives. The bisimilarity coincides with the reduction-closed barbed congruence. We examine its properties and compare them with existing semantics. Using the behavioural theory, we verify that the program transformation of multithreaded into event-driven session based processes, using Lauer-Needham duality, is type and semantic preserving.