Cosmology is based on Einstein's theory of General Relativity, in particular, the standard model of cosmology assumes that the universe is isotropic, and hence, spatially homogeneous. As a result, one can take a 4-D spacetime, and split it into a 3+1 "Space" + "Time", this splitting is not unique, but, the spatial homogeneity assumption in cosmology allows one to define a cosmic time, in which these 3-d spatial slices are "threading through" a time-like vector that is orthogonal to each space like surface. Now, in cosmology, one has an equation, called the Raychaudhuri equation, that is usually given as H'(\tau), which measures the rate of expansion of the universe. To be precise, it actually measures the rate of expansion between two nearby particles, but for cosmology, the Raychaudhuri equation measures the relative rate of expansion of the universe, so that is what the generic Hubble parameter is.
Your question about cosmological time is directly related to \tau. Because G.R. is coordinate invariant, one is free to choose a time coordinate. Related to the discussion above, one typically defines a Hubble time, \tau by the following relationship:
dt/d tau = 1/H,
where "t" is standard clock time, and \tau is the cosmological time.
This equation is the relationship between the Hubble parameter/"constant" and the cosmological time.