The area of wireless sensor network have already gained a good momentum from last decade in research community owing to its potential advantages of event monitoring without any aid of human as well as ongoing issues encountered by it. Out of various issues, time synchronization is one of the prominent issues, where the success factor of event alarms generated by the nodes depends. As the hardware based clocks in wireless sensor network are quite imprecise so there are large number of possibilities of clock drift, skewness, and offset in clock time. This paper starts by discussing the loopholes of the prior standard research work and introduces a novel Triple Factor Time Synchronization (TFTS) algorithm that addresses the issues. Evaluated on extended level of experiments and benchmarking with standard protocols, TFTS based on probabilistic approach is found to generate reduced synchronization errors optimally.