I'm working on a project where I have serial data coming into node-red and want to parse it so that I can use pieces of it for various tasks (ie displaying on a chart or saving the data). My thought is to use one serial input node with a function node for each piece of data I want to save, but can't figure out what code to use for the function node. I'm new to Java as well as node-red, so any help would be appreciated.
That data looks to be an XML formatted string, so your first step would be passing it to an XML node to get objects to work with. From there, it starts to go down the path of "what do you actually want to do with these numbers?" You can slap stuff into a database. You can put stuff into variables. You can visualize in real time. Pretty much the sky's the limit.
As @JayDickson suggest put it through the xml node to get your data as a javascript object which you can then manipulate. See this page in the docs for how you can use the debug node to understand what you get. https://nodered.org/docs/user-guide/messages.
But to get the best out of Node-RE you really need to understand javascript objects and arrays. It's worth spending some time going through one of the online tutorials to understand javascript objects and arrays
Java won't do much for you as Node-RED is based on nodejs which is javascript.