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my $string = 'to=<adam.clark@ngv.vic.gov.au>, relay=monet1.ngv.vic.gov
+.au[10.10.10.20]:25, delay=0.54, delays=0.06/0.02/0/0.46, dsn=2.0.0, 
+status=sent ';

...
while ( my ($key, $value) = each(%Hash) ) {
        print "$key => $value\n";
    }

String: to=<adam.clark@ngv.vic.gov.au>, relay=monet1.ngv.vic.gov.au[10
+.10.10.20]:25, delay=0.54, delays=0.06/0.02/0/0.46, dsn=2.0.0, status
+=sent
Key: to
...
status => sent
delay => 0.54
delays => 0.06/0.02/0/0.46

^(?:([^=]*)=<?(.*?)>?,?\s+)+$

my @bits = split( /^(?:([^=]*)=<?(.*?)>?,?\s+)+$/ , $string );
foreach ( @bits ){
    print "$_\n";
}

status
sent