You need to set a constraint on the table to trigger a "conflict" which you then resolve by doing a replace:
CREATE TABLE data (id INTEGER PRIMARY KEY, event_id INTEGER, track_id INTEGER, value REAL);
CREATE UNIQUE INDEX data_idx ON data(event_id, track_id);
Then you can issue:
INSERT OR REPLACE INTO data VALUES (NULL, 1, 2, 3);
INSERT OR REPLACE INTO data VALUES (NULL, 2, 2, 3);
INSERT OR REPLACE INTO data VALUES (NULL, 1, 2, 5);
The "SELECT * FROM data" will give you:
2|2|2|3.0
3|1|2|5.0
Note that the data.id is "3" and not "1" because REPLACE does a DELETE and INSERT, not an UPDATE. This also means that you must ensure that you define all necessary columns or you will get unexpected NULL values.