To convert the true/false state to the alarm strings you can use a Change node configured like this
[{"id":"dbed5f846f13f754","type":"change","z":"bdd7be38.d3b55","name":"Alarm string","rules":[{"t":"set","p":"payload","pt":"msg","to":"payload ? \"Alarm Fault\" : \"Alarm OK\"","tot":"jsonata"}],"action":"","property":"","from":"","to":"","reg":false,"x":350,"y":1480,"wires":[["2ed65241d345c5e5"]]},{"id":"301c60703350d575","type":"inject","z":"bdd7be38.d3b55","name":"","props":[{"p":"payload"},{"p":"topic","vt":"str"}],"repeat":"","crontab":"","once":false,"onceDelay":0.1,"topic":"","payload":"true","payloadType":"bool","x":160,"y":1440,"wires":[["dbed5f846f13f754"]]},{"id":"226f750e4a7cdf6c","type":"inject","z":"bdd7be38.d3b55","name":"","props":[{"p":"payload"},{"p":"topic","vt":"str"}],"repeat":"","crontab":"","once":false,"onceDelay":0.1,"topic":"","payload":"false","payloadType":"bool","x":160,"y":1520,"wires":[["dbed5f846f13f754"]]},{"id":"2ed65241d345c5e5","type":"debug","z":"bdd7be38.d3b55","name":"","active":true,"tosidebar":true,"console":false,"tostatus":false,"complete":"false","statusVal":"","statusType":"auto","x":550,"y":1480,"wires":[]}]
Then to put it on the dashboard you can either send it to a Text node, or if you want a popup notification then use the Notification node.