Hi Lux,
The real problem is that the "master" clock might be a crummy 50ppm XO, and all us 
"slaves" all have TCXOs that are good to a few ppm.  It's almost the inverse problem from 
disciplining a XO with GPS.
I have the impression that you are confused by your own weird terminology ;-). If you have a rather good clock yourself, and want to somehow characterize external events with their own sketchy time-of-day estimation, then please don't call this cheap thing the "master".

Just let your internal clock ("precise") run undisturbed and capture the precise time for all the external events received from the "cheap" outside machines. Then timestamp a number of external/internal events and calculate the average relative external clock frequency. Filter the last N events and use the relative frequencies to extrapolate events to be expected in the future. It's basically just a PLL done in software.

Without telling us some details, noone here will be able to give you real advice, I think...

   Chris


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