SQL Server Parsing XML into Key/Value Pairs

This will not reflext the relation of Components against each other (how they are nested), but it returns the list you seem to need:

DECLARE @xml XML=N'<SystemConfiguration Model="PowerEdge R740xd" ServiceTag="Test" TimeStamp="Wed Feb 14">
<Component FQDD="iDRAC.Embedded.1">
 <Attribute Name="Info.1#Product">Integrated Dell Remote Access Controller</Attribute>
 <Attribute Name="IPMILan.1#Enable">Disabled</Attribute>
 <Attribute Name="IPMILan.1#PrivLimit">Administrator</Attribute>
 <Attribute Name="IPMILan.1#EncryptionKey">0</Attribute>

 <!-- <Attribute Name="AutoBackup.1#IPAddress"></Attribute> -->
 <!-- <Attribute Name="AutoBackup.1#Domain"></Attribute> -->
</Component>
<Component FQDD="RAID.Integrated.1-1">
  <Attribute Name="RAIDresetConfig">True</Attribute>
    <Attribute Name="RAIDforeignConfig">Clear</Attribute>
    <Attribute Name="RAIDrekey">False</Attribute>
    <Attribute Name="EncryptionMode">None</Attribute>

    <Component FQDD="Disk.Virtual.8:RAID.Integrated.1-1">
        <Attribute Name="RAIDaction">Create</Attribute>
        <Attribute Name="LockStatus">Unlocked</Attribute>
        <Attribute Name="RAIDinitOperation">None</Attribute>
        <Attribute Name="DiskCachePolicy">Default</Attribute>
        <Attribute Name="RAIDdefaultWritePolicy">WriteBack</Attribute>
        <Attribute Name="RAIDdefaultReadPolicy">ReadAhead</Attribute>
        <Attribute Name="Name">Virtual Disk 8</Attribute>
        <Attribute Name="Size">0</Attribute>
        <Attribute Name="StripeSize">0</Attribute>
        <Attribute Name="SpanDepth">1</Attribute>
        <Attribute Name="SpanLength">1</Attribute>
        <Attribute Name="RAIDTypes">RAID 0</Attribute>
        <Attribute Name="IncludedPhysicalDiskID">Disk.Bay.7:Enclosure.Internal.0-1:RAID.Integrated.1-1</Attribute>
    </Component>
    <Component FQDD="Disk.Virtual.9:RAID.Integrated.1-1">
        <Attribute Name="RAIDaction">Create</Attribute>
        <Attribute Name="LockStatus">Unlocked</Attribute>
        <Attribute Name="RAIDinitOperation">None</Attribute>
        <Attribute Name="DiskCachePolicy">Default</Attribute>
        <Attribute Name="RAIDdefaultWritePolicy">WriteBack</Attribute>
        <Attribute Name="RAIDdefaultReadPolicy">ReadAhead</Attribute>
        <Attribute Name="Name">Virtual Disk 9</Attribute>
        <Attribute Name="Size">0</Attribute>
        <Attribute Name="StripeSize">0</Attribute>
        <Attribute Name="SpanDepth">1</Attribute>
        <Attribute Name="SpanLength">1</Attribute>
        <Attribute Name="RAIDTypes">RAID 0</Attribute>
        <Attribute Name="IncludedPhysicalDiskID">Disk.Bay.6:Enclosure.Internal.0-1:RAID.Integrated.1-1</Attribute>
    </Component>
    <Component FQDD="Enclosure.Internal.0-1:RAID.Integrated.1-1">
        <Component FQDD="Disk.Bay.0:Enclosure.Internal.0-1:RAID.Integrated.1-1">
            <Attribute Name="RAIDHotSpareStatus">No</Attribute>
            <Attribute Name="RAIDPDState">Ready</Attribute>
        </Component>
        <Component FQDD="Disk.Bay.1:Enclosure.Internal.0-1:RAID.Integrated.1-1">
            <Attribute Name="RAIDHotSpareStatus">No</Attribute>
            <Attribute Name="RAIDPDState">Ready</Attribute>
        </Component>
    </Component>
    <Attribute Name="RAIDremoveControllerKey">False</Attribute>
</Component>
</SystemConfiguration>';

--The Query grabs the meta data directly from the @xml and uses the deep search with // to get all <Attribute> nodes as derived table. Each <Attribute> lives directly below its <Component>, you can use the back-hop with .. to get there:

SELECT @xml.value('(SystemConfiguration/@Model)[1]','nvarchar(max)') AS Model
      ,@xml.value('(SystemConfiguration/@ServiceTag)[1]','nvarchar(max)') AS ServiceTag
      ,@xml.value('(SystemConfiguration/@TimeStamp)[1]','nvarchar(max)') AS TimeStamp
      ,a.value('(../@FQDD)[1]','nvarchar(max)') AS Component_FQDD
      ,a.value('@Name','nvarchar(max)') AS Attribute
      ,a.value('text()[1]','nvarchar(max)') AS Value
FROM @xml.nodes('//Attribute') AS A(a);

The result (some lines)

PowerEdge R740xd    Test    Wed Feb 14  iDRAC.Embedded.1    Info.1#Product  Integrated Dell Remote Access Controller
PowerEdge R740xd    Test    Wed Feb 14  iDRAC.Embedded.1    IPMILan.1#Enable    Disabled
PowerEdge R740xd    Test    Wed Feb 14  iDRAC.Embedded.1    IPMILan.1#PrivLimit    Administrator