What time zone is displayed in windows event logs? When viewing saved log from another machine?

All times displayed for event log events are computed as offsets to Greenwich Mean Time (GMT). When you set the time on your system, you are setting the value for GMT. When you select your local time zone for the system, the appropriate number of hours are added or subtracted to the stored GMT value. This adjusted time is displayed. When "Automatically Adjust for Daylight Saving Time" is selected, an additional hour is added to GMT during daylight savings time.

If you are viewing another machine remotely across one or more time zones through Event Viewer, the times for events on the remote system appear relative to your local time. In other words, if you are viewing an event remotely that actually occurred at 8:00 PM Central Daylight Time, the time displayed for the event on your computer will be 6:00 PM when you view the event from the Pacific Daylight Time zone.

If you export the logs and view it on the 2nd machine, same...it will show as GMT relative to your time zone on that 2nd computer.