Dennis-
Yes, the timestamp is taken from the PC system time. So it will only be as accurate as the OS allows it to be (due to time slicing, thread scheduling, etc). Also, it is only in seconds, so you won't be able to get very precise times. If you need accurate analog input data, you should set up your program to acquire hardware timed data. The scan clock of the DAQ device is very accurate. FYI, you can check the specs of your board here:
http://www.ni.com/pdf/products/us/4daqsc202-204_ETCx2_212_213.pdf
Hope this helps.
-Alan A.