The Indian Test Facility (INTF) is a negative Hydrogen ion based 100 kV, 60A, 5 Hz modulated NBI system having duty cycle of 3 s ON time to 20 s OFF time. Prime objective of the facility is to characterize ITER Diagnostic Neutral Beam (DNB) with full specifications, prior to shipment and installation in ITER. In order to fully characterize ITER DNB, a matured Data Acquisition and Control system (DACS) is needed which will be responsible for supervisory control of the facility and for acquiring and monitoring signals at run time. Apart from conventional DACS, high speed data acquisition is needed for diagnostics and other signals with sampling rate requirements of 100 MS/s. For acquiring data from such systems it is imperative that the data be acquired only for certain duration on the occurrence of the event. Such acquisition systems are classified as event driven data acquisition system and are widely used in fusion engineering community.Development and implementation of high speed event driven data acquisition systems pose challenges in terms of data buffering, data streaming and synchronization. The precise timing of the event occurrence with respect to the main pulse should also be known for which a timing and synchronization system is needed. To fulfill this purpose, IEEE 1588 protocol offers a network based method of synchronizing multiple nodes based on Ethernet with sub microsecond accuracy. The present work describes the development of an event driven high speed data acquisition in synchronization with IEEE 1588 based timing network. The work proposes the time stamping of the event from synchronized network integrated with the event acquisition platform. The developed system has been tested for pulse durations longer than 3600 s. The performance of event data acquisition system has been thoroughly characterized and improved by applying various software optimizations in LabVIEW. The present work although intended to be used for INTF can be used for any such facility in fusion or other areas.The paper provides results of IEEE 1588 based timing network in various configurations and event data acquisition system developed on high speed FPGA controlled digitizer board with prototype results.