I had this error every minute on a Windows 2000 server using IIS 5. Googling led to this solution from Dave Patrick:
Run the following in a cmd window:
Then cut and paste the following into a notepad and name it w3ctrs.bat:
Reboot. For me the event stopped after these steps.
According to Microsoft this event is logged when a performance monitoring application, such as System Monitor, is unable to retrieve performance counter information from a service, such as FTP, SMTP or NNTP, hosted in Inetinfo.exe. This can occur if none of the IIS services are currently running, or if an error occurs when calling Inetinfo.exe. See the link to "EventID 1003 from source IISInfoCtrs" for more information about this event.
As per Microsoft: "These errors are caused when a server is being analyzed using Performance Monitor and the IIS Admin Service is stopped or restarted, or when the IIS counters are added when the IIS Admin Service is not running". Check the following Microsoft articles for more details: ME201638