For gamma-ray bursts (GRBs) with a plateau phase in the X-ray afterglow, a so called L-T-E correlation has been found which tightly connects the isotropic energy of the prompt GRB (E γ,iso ) with the end time of the X-ray plateau (T a ) and the corresponding X-ray luminosity at the end time (L X ). Here we show that there is a clear redshift evolution in the correlation. Furthermore, since the power-law indices of L X and E γ,iso in the correlation function are almost identical, the L-T-E correlation is insensitive to cosmological parameters and cannot be used as a satisfactory standard candle. On the other hand, based on a sample including 121 long GRBs, we establish a new three parameter correlation that connects L X , T a and the spectral peak energy E p , i.e. the L-T-E p correlation. This correlation strongly supports the so called Combo-relation established by Izzo et al. (2015) After correcting for the redshift evolution, we show that the de-evolved L-T-E p correlation can be used as a standard candle. By using this correlation alone, we are able to constrain the cosmological parameters as Ω m = 0.389 +0.202 −0.141 (1σ ) for the flat ΛCDM model, or Ω m = 0.369 +0.217 −0.191 , w = −0.966 +0.513 −0.678 (1σ ) for the flat wCDM model. Combining with other cosmological probes, more accurate constraints on the cosmology models are presented.