Provided is a self-calibrating time code generator and method for generating an accurate time code (e.g., an accurate IRIG waveform). The self-calibrating time code generator includes a phase-locked loop configured to provide a generated output signal based on a phase difference between an absolute time reference signal and a compensated generated input signal, an IRIG encoder configured to couple a present time value with the generated output signal to form an IRIG waveform, a delay difference indicator configured to provide a time interval value based on a comparison of corresponding pulse edges of the generated output signal and the IRIG waveform, and a numerical delay component configured to delay the generated output signal by the time interval value to form the compensated generated input signal used to time-align the IRIG waveform with the absolute time reference signal to form the accurate IRIG waveform.