...or the first might be (if *PASS*\s is always last before the newline, as your data suggests):

while ( <DATA> ) 
   {
   print "$_ \n";
   if ( $_ =~ /(\*PASS\*)\s$/ ) 
      {
      print "\n \$1 is: $1 \n";
      }
   else 
      {
      print "Not found\n";
      }
   }

__DATA__
 
2005-11-04/08:02:14.011 METRIC 00020036-0800093A log :Monitor: CALLER 
+Status *PASS* 
2005-11-04/08:09:34.712 METRIC 0A475-11B  Log :monitor: CALLER Status 
+*FAIL*
2005-11-04/08:11:30.924 METRIC 00020036-08000940 log :Monitor: CALLER 
+Status *PASS* 
2005-11-04/08:12:29.830 METRIC 00020036-08000941 log :Monitor: CALLER 
+Status *PASS* 
2005-11-04/09:12:28.790 METRIC 00020036-08000943 log :Monitor: CALLER 
+Status *PASS* 
2005-11-04/09:12:35.869 METRIC 00020036-08000944 log :Monitor: CALLER 
+Status *PASS*
[download]

output is:

2005-11-04/08:02:14.011 METRIC 00020036-0800093A log :Monitor: CALLER 
+Status *PASS*


 $1 is: *PASS*
2005-11-04/08:09:34.712 METRIC 0A475-11B  Log :monitor: CALLER Status 
+*FAIL*

Not found
2005-11-04/08:11:30.924 METRIC 00020036-08000940 log :Monitor: CALLER 
+Status *PASS*


 $1 is: *PASS*
2005-11-04/08:12:29.830 METRIC 00020036-08000941 log :Monitor: CALLER 
+Status *PASS*


 $1 is: *PASS*
2005-11-04/09:12:28.790 METRIC 00020036-08000943 log :Monitor: CALLER 
+Status *PASS*


 $1 is: *PASS*
2005-11-04/09:12:35.869 METRIC 00020036-08000944 log :Monitor: CALLER 
+Status *PASS*

 $1 is: *PASS*
[download]