ET's Katie Krause spoke with the 24-year-old model and actress at the opening of the Marcell Von Berlin flagship store in Los Angeles on Tuesday, and she opened up about how far her relationship with her famous father has come since their high-profile family drama first made headlines in 2007.
"It took a lot of time and a lot of therapy. We were both in really dark places in our lives," Ireland shared. "I think things being publicized the way that they were made things seem more heightened and escalated than it really was.
"Because that obviously puts more added pressure on any situation that people are going through, privately, when it's made public," she added.
For Baldwin, the tragic death of Kobe Bryant and his 13-year-old daughter, Gianna -- in a helicopter crash that claimed the lives of seven others on Jan. 26 -- put things into stark perspective when it came to her own relationship with her dad.
"[In light] of recent events that have happened within the last couple of weeks, like with Kobe, it's like, 'What's the f-ing point of arguing?' Like, there's no point," she shared. "So let's all just get over it and hug that person you love."
"You never know what's going to happen to somebody, and it all comes down to love," she added. "Nothing else matters."
As for her bond with her father today, Ireland said, "We have fun" but admitted that there is "distance between us."
"He has his amazing children with his amazing wife," she said. "I'm here [in L.A], he's based in New York, we see each other when we can."
"But I love him, I respect him more than anyone... we love each other," she added. "Even though we don't see each other as much as I'd love to."
Alec welcomed Ireland with ex-wife Kim Basinger in 1995, before the pair went through a contentious divorce in 2002. Alec later remarried in 2012 when he tied the knot with his wife Hilaria -- with whom he shares four children.
For more on Ireland's rebuilt relationship with her father, watch the video below.