it's equivalent to a second (there are a few places it's shown as msec, usually it's noted though) and just increases monotonically with AP uptime. The current value can be seen from the following command on an IAP
iap115# show log driver | include "Log C"
Current Log Level 3 Log Counter 78 Timestamp 1116298.213064
iap115#
in this case the AP has been up for 1116298 seconds, which is just under 13 days. Cross check against the APs uptime:
iap-115# show aps
iap115 192.168.1.24* access disable 3 115(indoor) fe80::1a64:72ff:fec1:367e N/A - CJ0000000 - - - - 149+ 21 28(good) -93(good) No none 0 5204 enable 12d:22h:0m:0s
iap-115#
you can subtract your event timestramp from the current value and work backwards from that.