You can’t directly.

Using Group Policy Preferences, though, you can.

In other words, we’re going to set some Registry Keys.

The Applications and Services Logs registry entries can be found under
HKEY_LOCAL_MACHINE\SOFTWARE\Microsoft\Windows\CurrentVersion\WINEVT\Channels

The two registry keys you need to set are:

• MaxSize
  It’s a DWORD.
  Value is in bytes.  For example, 100mb would be 10240000 Decimal / 061A8000
• MaxSizeUpper
  It’s a DWORD.
  Value is 00000000

What if my log isn’t enabled?
Set the Enabled Regkey to 1

Is there another way to do it?
PowerShell would be another way.

$LogName = "Microsoft-Windows-SMBClient/Operational"
$CurrentConfig = Get-WinEvent -ListLog $LogName
$log.MaximumSizeInBytes = 10240000
$log.SaveChanges()

References:
INCREASING APPLICATIONS AND SERVICES EVENT LOGS SIZE WITH REGEDIT AND GPO
Enabling DriverFrameworks-UserMode Event Viewer logging via GPO?

Related posts:

So what does the Group Policy Preferences Drive Mapping log file contain? Disabling Windows Update via Group Policy So how do you remove an .ADM file from Group Policy?

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