A method for probabilistic lossy counting includes: for each element in a current window, determining whether an entry corresponding to a current element is present in a table; in the event an entry corresponding to the current element is present in the table, incrementing a frequency counter associated with the current element; otherwise, inserting an entry into a table, wherein inserting an entry comprises: calculating a probabilistic error bound Δ based on an index i of the current window; and inserting the probabilistic error bound Δ and a frequency counter into an entry corresponding to the current element in the table; and at the end of the current window, removing all elements from the table wherein the sum of the frequency counter and probabilistic error bound Δ associated with the element is less than or equal to the index of the current window.