Custom Field Reporting Criteria
I have a simple custom field calculation for Related Substance. Is it possible to setup a second custom field that evaluates the custom field and reports the result if: %area of the peak is greater than or equal to 0.5% OR a specific component type?
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Answers

Yes. Create a Peak, Bool type custom field and have the Use as set to Field.
Presuming your Related Substance CF is called Impurity_Calc, then the formula is:
GT(Impurity_Calc,0.5)EQ(Component Type,"Specified Impurity") then in the translation table for 0 put in something like "Below Threshold" or whatever is appropriate and for 1 put in Impurity_Calc (fc)
This CF will evaluate the result of Impurity_Calc for each peak and for each value GT 0.5, or each peak with a Type of Specified Impurity, will return the value for Impurity_Calc and for each value less than 0.5 or a peak which isnt Specified Impurity, return the text you insert in 0 of translation table.
Its worth noting Empower doesnt "see" 0.49 as 0.5 so if decimal places are important, consider rounding the formula to 1 decimal place:
GT(ROUND(Impurity_Calc,1),0.5)EQ(Component Type,"Specified Impurity") This will include any values 0.45 onwards.0 
GT(Impurity_Calc,0.5)EQ(Component Type,"Specified Impurity")
I will try this, but doesn't this evaluate the value if Impurity_Calc > 0.5%? The % Area of the peak is what I need to evaluate whether the Impurity_Calc result is reportable.
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My mistake to include greater than or equal to values of 0.5, as your first post then change from GT to GTE in the formula and the formula to: GTE(%Area,0.5)EQ(Component Type,"Specified Impurity")0