Soft error rate (SER) estimation is becoming more and more important since nanometer digital integrated circuits are getting increasingly vulnerable to soft errors. In this paper, a novel approach is proposed for soft error rate analysis of digital combinational circuit considering all masking factors. We introduce a concept called Probabilistic Vulnerability Window (PVW) which is an inference of the necessary conditions for a Single Event Transient (SET) to cause observable errors in the circuit. A computation model is proposed to calculate PVW's for all circuit gate outputs. Using the computation model, the proposed method estimates the soft error rate of the circuit by computing the probabilistic vulnerability windows in a backward approach. Experimental results show that the proposed method increases the SER computation speed by 1000X, with less than 10% accuracy loss when compared to the Monte-Carlo based fault injection methods. The results also show than the proposed approach keeps its efficiency when it is applied for estimating the soft error rate considering various SET's with different initial widths while the runtime of traditional SER estimation methods increases rapidly in such cases.