Resurrecting this thread because the final post says "I will keep you updated"

I find myself now in similar situation, with a EATON PowerWare PW5115 1500i. Though tower model, not rackmount, that finally gave up the ghost last week and was decomissioned. Both the charger & inverter modes were still working, just in the Automatic Voltage Regulation (ie. line-powered) mode it would start continuous beep with all lights on and the lowest battery light blinking. Batteries were fine though. Nothing on the serial port. I figured I'd try to fix it as soldering practice. Verdict: My soldering skills suck. (Learned new thing about my hobbyist JCD Soldering Station: Screw the plastic part on FIRST, before attaching the soldering tip & connecting the metal nut. The plastic part came loose and the threads kept slipping off...)
First note that, the user manual (or in fact any user manual I could find) doesn't cover that specific fault indicator. Continuous beep & all lights on is internal fault, but nothing about lowest light blinking? Maybe it's an error in the user manuals.
Second, this is the top search match for PowerWare PW5115 schematics, but they're nowhere to be found on Google. However, for anybody who came here looking for those, AliSaler has complete set of schematics for PW5125. I find these are close enough to the PW5115 to be incredibly useful, though of course the component codes are entirely different, so you'll have to match to the circuit.
https://www.alisaler.com/ups-powerware-pw5125-1500va-schematic-diagram/ for mine, but look at the "related articles" for rackmount RM's of different sizes.
Initial assessment of the failed UPS was that almost all of the electrolytics were reading in 2-30k ESR range, which is way out of spec. This isn't too surprising, as with three batteries in series the charging voltage is over 40 volts, and all the electrolytics are Jamicon/Teapo 1000h rated for 50V. A common rule of thumb seems to be to size them at twice the voltage for prolonged use. It's possible to get 63V condensators with the same footprint, so that's what I did for the 1uF, 10uF, 22uF, 47uF. There's 470uF at 35V which I'm upgrading to 50V. There's a 50V 100uF, 470uF, 1000uF and 3300uF (which you should discharge before touching) which aren't so ridiculously out of spec so letting them be for now. After removing the smaller caps from the board, many of them are reading 80 ohms or even open circuit, so I guess it's really been hanging on by a thread and at this point you might choose to just replace all electrolytics.
Electrolyte on my board labeled as C823 (47uF 50V) right next to the 5v regulator 7805 (probably heats a whole lot) was completely open circuit, though, which I presume was the cause of the problem. I had really hard time tracing the circuit on the board. In the above linked schematic the same component is C27 (Negative side connected to 7805 Pin 1, 2K resistor across to two rectifier diodes from transformer pins 1 and 3). It filters the 24v power-line which seems to only power the Automatic Voltage Regulation relays, hence why it would fail when trying to switch on AVR power.
Replacement BOM for this specific model:
2x 50YXS470MEFC10X20 CAP ALUM 470uF 20% 50V Radial Rubycon (Third one for 470uF 50V on board?)
10x 63ZLJ47M6.3X11 CAP ALUM 47uF 20% 63V Radial 6.3x11 Rubycon (Incl. one on control board)
3X 63YXJ22M5X11 CAP ALUMN 22uF 20% 63V Radial 5X11 Rubycon (Incl. one on control board)
8x 63YXJ10M5X11 CAP ALUM 10uF 20% 63V Radial 5x11 Rubycon (Incl. five on control board)
2X 860020772005 CAP ALUM 1uF 20% 63V Radial Wurth Electronics (Incl. two on control board)
Tried to pick highest use-time caps available for the footprint, didn't match frequency or other parameters beyond capacitance and one voltage class higher.
50V 100uF on control board, 470uF, 1000uF and 3330uF not replaced (yet). Working fine and as others have noted less audibly noisy now. Likely many of the relays were constantly switching on and off with the unfiltered DC, shortening their lifetime as well. Possible way to determine when an UPS is about to fail.
Additional thought: Has anybody reverse-engineered the firmware of these UPS:es? I doubt there's much one might want to (safely) tweak with these, but even possible official firmware updates have been taken off the net. At least having a nice serial protocol (newer versions come with UPS) would be bonus, otherwise it does what an UPS should. Right now I can't even tell if it's supposed to give anything on serial port or not...