Your original sentence in English is both ambiguous and unusual. The ambiguity lies in the word 'that'. Do you mean "That (event) is...", or are you talking about an event "... that is..."?
Instead of your construction, I would rather say the event "is ... in the future" or at least "... from today".
Having said this, it is difficult to find a correct translation. yours is pretty much word-by-word. instead, it makes more sense to find out the expressions actually used in Spanish. Two possibilities are:
- Tendra efecto en 1 año, 2 meses, ...
- Tendra lugar en 1 año, 2 meses, ...
BTW, it is 'segundos', not 'segundas'. Also, contrary to the standard usage in English, the last term of a comma-sparated list has no comma; thus, you end with "...1 minuto y 15 segundos".