A system for precise timing and synchronization of events is provided. The system includes a first terminal including one or more first counters and a packetizer configured to create a packetized data stream having one or more event tags. The system also includes a second terminal that includes one or more second counters and a depacketizer. The second counter(s) is/are configured to count clock pulses generated by a first clock of the first terminal at a first clock rate. The depacketizer is configured to receive the packetized data stream and detect the event tag(s). When the at least one event tag is detected, the second terminal calculates a time at which the first terminal created the packetized data stream based on a count value of the second counter(s) and a count value of the first counter(s) of the first terminal.