Thank you for posting in Wired Communities. You may refer to FAQ about IEEE 1588
IEEE 1588 (PTP) can work without special hardware but not as accurately. I would suggest you to go through FAQ for more information:
For the PRP, as stated in Wikipedia* Parallel Redundancy Protocol - Wikipedia (*Note: this is third party website in which Intel has no control over the content, extracted the information here for your reference only)
"PRP can be implemented entirely in software, i.e. integrated in the network driver." Please refer to the link for more information.