A stochastic model of triplet exciton dynamics in multichromophoric conjugated polymers is presented and analyzed in detail, with a focus on the single molecule spectroscopy observables. The model deals with the evolution of a discrete statistical distribution of triplets in isolated polymer molecules. This approach should provide more accurate quantitative information on the dynamic processes involved, as compared to the previously used two-state model which assumes that a conjugated polymer cannot contain more than one triplet. In particular, it allows for determination of the triplet-triplet annihilation rate.