Your `grep -E` command does what you wrote in the subject, but I guess what you really want is to show the `A2` lines with the "status" if the following line is `RP FAULT`. Right?
cat file.txt | grep -A 1 "A2" | grep -B 1 'RP FAULT'
The `-A n` shows `n` lines after the match, the `-B n` shows lines before.