This invention relates to methods and devices for time synchronization. The invention has particular application in the alignment of slave clocks to a master clock and in dealing with packet delay variation and dynamic asymmetries in the network links between them. In embodiments of the invention, the slave clock uses the peer link delay and residence times measured by peer-to-peer transparent clocks to compensate for clock synchronization errors that arise due to variability in message transfer delays. Embodiments provide a simple linear approximation technique and a Kalman filter-based technique for estimating offset and skew of the slave clock.