If a match is tied 1 - 1 going into the third game and the third game starts as normal.

Lets say that one of the two players has taken damage yet the game isnt tied as far as life points goes and the judge/tournament director calls time, does the match end with the player with the most life points winning the match or is there another ruling that occurs???

When time is called the Turn Player finishes his turn. Then there are three more turns, starting with your opponen'ts next turn. After those turns are done, the player with the highest life points wins. If life points are tied at this point, play continues until one player has more life points than the other.