The intersystem crossing and dispersive electron-transfer dynamics of eosin Y (EY) photosensitizers are probed using single-molecule microscopy. The blinking dynamics of EY on glass are quantified by constructing cumulative distribution functions of emissive ("on") and nonemissive ("off") events. Maximum likelihood estimation (MLE) and goodness-of-fit tests based on the Kolmogorov-Smirnov (KS) statistic are used to establish the best fit to the blinking data and differentiate among competitive photophysical processes. The on-time probability distributions for EY in N2 and air are power-law distributed after ∼1 s, with fit parameters that are significantly modified upon exposure to oxygen. By extending the statistically principled MLE/KS approach to include an onset time for log-normal behavior, we demonstrate that the off-time distribution for EY in N2 is best fit to a combination of exponential and log-normal functions. The corresponding distribution for EY in air is best fit to a log-normal function alone. Furthermore, power law and log-normal distributions are observed for an individual molecule in air, consistent with dynamic fluctuations in the rate constant for dark-state population and depopulation. These observations support the interpretation that dispersive electron transfer (i.e., the Albery model) from the first excited singlet state (S1) of EY to trap states on glass is predominately responsible for blinking in oxic conditions. In anoxic environment, both triplet-state blinking and dispersive electron transfer from S1 and the excited triplet state (T1) contribute to the excited-state dynamics of EY.