Yes, the period would be 900 seconds. Since your range is from 0 to 1, your amplitude is .5, and your midline is also .5.
Assuming no phase shift (you're starting at your midline as the sun is rising), the basic function you're going to use is $f(t)=a\sin(\frac{2\pi}{P}t)+m$, where $P$ is the period, $a$ is the amplitude, and $m$ is the midline. For now, we'll leave $P$ alone and say $a=m=.5$, so you have $f(t)=.5\sin(\frac{2\pi}{P}t)+.5$.
As has been suggested, a piecewise function is probably easiest. However, since there's two parts day for one part night, you need to have two thirds of period taken up by the first half of the cycle, and one third taken up by the second half of the cycle. This means four thirds of a full period for day, and two thirds for night.
You can do the intermediate calculations for yourself to check it if you want, but you end up with $D(t)=.5\sin(\frac{\pi}{300}t)+.5$ for the day and $N(t)=.5\sin(\frac{\pi}{150}t)+.5$ for the night. To get them to line up right, introduce a phase shift to the night function to get $N(t)=.5\sin(\frac{\pi}{150}t-2\pi)+.5$.
From here, I would recommend having the in-game time calculated on a repeating cycle so you can just define the domain of this function as $[0,900)$, and then it should work. To clarify, your time function looks like this:
$$
F(t) = \begin{cases}.5\sin(\frac{\pi}{300}t)+.5, t \in [0,600) \\
.5\sin(\frac{\pi}{150}t-2\pi)+.5, t\in [600, 900)
\end{cases}.
$$
Edit: I'm just now noticing you wanted to have it start at 1. In that case, just set the timer to start 300 seconds in.