Polluted by the noise of the observation, precision of satellite timing based on pseudoranges can merely reach tens of nanoseconds. Considering the sharply increasing demand of high-precision timing in the many fields, a traceable precise timing system has been proposed, which means having a connection with UTC (Coordinated Universal Time). We introduce the principle of the PPP (Precise Point Positioning) timing system and conduct the experiment with the form of zero baseline, long baseline, and very long baseline, simultaneously, CV (Common View) and AV (All in View) timing solution are used for comparison. Finally, the system performance has been evaluated from the aspects of precision and stability. The results show, when the Rubidium module is the frequency source of the user terminal, the 1 PPS timing accuracy of 904 km achieved by this method is 0.32 ns, and the frequency stability can achieve about 9.51e-13, 5.58e-13 and 1.37e-13 at the averaging time of 100 s, 1000 s and 10000 s. The timing bias is approximate 2 ns. Besides, the variation of the temperature will affect the timing results. Compared to the pseudorange timing solution, improvement on the PPP short term stability is more obvious than that of long term stability.