In the Philosopher's stone, Dumbledore tells Harry that his father once saved Snape's life. Is this event described in any of the later books, when and how did this happen?
Yes it is, basically the Marauders (primarily Sirius) misled Snape and fooled him into wandering towards the Whomping Willow. James basically told Snape and stopped him from being killed by the Whomping Willow.
I have tried to reveal as little of the story as possible so you can enjoy the rest for yourself!
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Yes, it's explained at the end of the third book, Harry Potter and the Prisoner of Azkaban. Relevant details below in spoiler tags, continue reading if you wish or simply wait until you read about it in the book itself.
In the book, it's revealed that: