In large-scale networked computing systems, component failures become norms instead of exceptions. Failure prediction is a crucial technique for self-managing resource burdens. Failure events in coalition systems exhibit strong correlations in time and space domain. In this paper, we develop a spherical covariance model with an adjustable timescale parameter to quantify the temporal correlation and a stochastic model to describe spatial correlation. We further utilize the information of application allocation to discover more correlations among failure instances. We cluster failure events based on their correlations and predict their future occurrences. We implemented a failure prediction framework, called PREdictor of Failure Events Correlated Temporal-Spatially (hP), which explores correlations among failures and forecasts the time-between-failure of future instances. We evaluate the performance of hP in both offline prediction of failure by using the Los Alamos HPC traces and online prediction in an institute-wide clusters coalition environment. Experimental results show the system achieves more than 76% accuracy in offline prediction and more than 70% accuracy in online prediction during the time from