it looks like top time of day (PAX) gets 100 points. and then depending on how you do in pax you get a percentage of 100 points.

so the points you get is the top pax time/your pax time *100.

for example for me at the last event was

32.317/32.748 * 100 = 98.68

IMO i think it doesn't really mean much. unless you compare your points with those that have done just as many events as you. b/c those who have done 3 events will have a def. edge over those who have done 2 events.