From vSphere Client, Configuration, Software/Advanced Settings, I found:
VMKernel.Boot.ipmiEnabled
I rebooted the box, then immediately went in and unchecked this setting, then rebooted again before the sel and sel.raw files again filled up the space.
After reboot, the /var/log/ipmi/0/ directory on that machine is empty.
This isn't a great work-around, as most of the sensor data now can't be monitored by VMWare, but it does keep VMWare from filling these two log files with the same information over, and over and over. I'd really like to see a fix from VMWare. It's easy: when you're doing dumb things, it's writing "efef" forever in one log and "System Boot:" over and over in the other. This can't be that hard to fix in software.