For an XSLT 1.0, you can use recursive template calls that test for the presence of the delimiters and use substring-before() and substring-after()
<xsl:stylesheet xmlns:xsl="http://www.w3.org/1999/XSL/Transform"
    version="1.0">
    <xsl:output indent="yes"/>
    <xsl:template match="/">
        <xsl:variable name="triggers" select="'name=IMON_EVENT;next_state=SET_IMON;is_enabled=true; | name=MAIN_BATCH;next_state=BATCH01;is_enabled=false;priority=9;'"/>
        <triggers>
            <xsl:call-template name="make-trigger">
                <xsl:with-param name="val" select="$triggers"/>
            </xsl:call-template> 
        </triggers>   
    </xsl:template>
    <xsl:template name="make-trigger">
        <xsl:param name="val"/>
        <xsl:if test="normalize-space($val)">
            <xsl:choose>
                <xsl:when test="contains($val, '|')">
                    <trigger>
                    <xsl:call-template name="make-elements">
                        <xsl:with-param name="val" select="substring-before($val, '|')"/>
                    </xsl:call-template>
                    </trigger>
                    <xsl:call-template name="make-trigger">
                        <xsl:with-param name="val" select="substring-after($val, '|')"/>
                    </xsl:call-template>
                </xsl:when>
                <xsl:otherwise>
                    <trigger>
                    <xsl:call-template name="make-elements">
                        <xsl:with-param name="val" select="$val"/>
                    </xsl:call-template>
                    </trigger>
                </xsl:otherwise>
            </xsl:choose>
        </xsl:if>
    </xsl:template>
    <xsl:template name="make-elements">
        <xsl:param name="val"/>
        <xsl:if test="contains($val, '=')">
            <xsl:choose>
                <xsl:when test="contains($val, ';')">
                    <xsl:call-template name="make-element">
                        <xsl:with-param name="val" select="substring-before($val, ';')"/>
                    </xsl:call-template>
                    <xsl:call-template name="make-elements">
                        <xsl:with-param name="val" select="substring-after($val, ';')"/>
                    </xsl:call-template>
                </xsl:when>
                <xsl:otherwise>
                    <xsl:call-template name="make-element">
                        <xsl:with-param name="val" select="$val"/>
                    </xsl:call-template>
                </xsl:otherwise>
            </xsl:choose>
        </xsl:if>
    </xsl:template>
    <xsl:template name="make-element">
        <xsl:param name="val"/>
        <xsl:element name="{normalize-space(substring-before($val, '='))}">
            <xsl:value-of select="substring-after($val, '=')"/>
        </xsl:element>
    </xsl:template>
</xsl:stylesheet>
Below is an XSLT 2.0 solution that uses the tokenize() function to split the values by | and ; delimiters with nested xsl:for-each to process the sequence of values, xsl:analyze-string to capture the name and value between the =, and xsl:element to create dynamically named elements from the regex capture groups.
<xsl:stylesheet xmlns:xsl="http://www.w3.org/1999/XSL/Transform"
    version="2.0">
  <xsl:output indent="yes"/>
  <xsl:template match="/">
    <xsl:variable name="triggers" select="'name=IMON_EVENT;next_state=SET_IMON;is_enabled=true; | name=MAIN_BATCH;next_state=BATCH01;is_enabled=false;priority=9;'"/>
    <triggers>
      <xsl:for-each  select="tokenize($triggers, '\s*\|\s*')">
        <trigger>
          <xsl:for-each select="tokenize(., '\s*;\s*')">
              <xsl:analyze-string select="." regex="(.+)=(.*)">
                  <xsl:matching-substring>
                      <xsl:element name="{regex-group(1)}">
                          <xsl:value-of select="regex-group(2)"/>
                      </xsl:element>
                  </xsl:matching-substring>
              </xsl:analyze-string> 
          </xsl:for-each>
        </trigger>  
      </xsl:for-each>
    </triggers>
  </xsl:template>
</xsl:stylesheet>