Is it good to replace broadcast receiver with Greenrobot Eventbus for triggering event based functions and data transfer from service to activity?

Unlike LocalBroadcastManager, EventBus is more simple to use. You only go via 3 steps:

1- Create an event class. A simple Java class that represent the response when the action occur.

2- Register the event bus as a subscriber in your Activity onCreate method

  EventBus.getDefault().register(this);

And of course, unregister it in your Activity onDestroy method

 EventBus.getDefault().unregister(this);

3- The subscribing method is created in the same activity that registered for the EventBus. Example in WorkOrderActivity

   @Subscribe
    public void onEvent(EventClass event)

When the event occur, you should call the post method, passing the event object you created before.

  EventBus.getDefault().post(new EventClass (Data));

As kmaini mentioned, you can replace it with LocalBroadcastManager, but you will have to map the data from the intent by yourself. Unlike EventBus which can pass objects.

Also, greenrobot, the creators of EventBus Library, answered this question here:

Q: How's EventBus different to Android's BroadcastReceiver/Intent system?

A: Unlike Android's BroadcastReceiver/Intent system, EventBus uses standard Java classes as events and offers a more convenient API. EventBus is intended for a lot more uses cases where you wouldn't want to go through the hassle of setting up Intents, preparing Intent extras, implementing broadcast receivers, and extracting Intent extras again. Also, EventBus comes with a much lower overhead.