Yes, you can change the time zone the system is using. By default SyncWords Live uses Eastern Time. To change the default time zone you see when creating events, go to your profile settings by clicking the icon in the top right corner of your screen and selecting "Profile" in the dropdown.
In your profile settings, use the Time Zone drop down to pick the time zone you want to use.
Don't forget to save your changes before closing this window. Click the "Update" button at the bottom of the modal.
The times used when creating events, and on the event listing pages will now be displayed in the time zone you set.
NOTE: To change the time zone being displayed on the Captions page see the following article