Some more ideas:
You wrote " I can find the photo album by opening up the backup directly". Is this the Time Machine drive and are you opening in the Finder? While viewing the Library in the Time Machine backup look at the path bar below the Finder window.
If you are not seeing a path bar enable it in the Finder menu "View > Show Path bar". It should look like this:
Check the first item in the path. If it is showing the name of an older computer and not your current computer, you have to tell Time Machine to open a backup from a different computer. By default it will only open the backups of your current computer. To use a different backup, launch Time Machine from the icon in the menu bar. Hold down the options key while clicking the Time Machine icon in the menu bar and select "Browse other backups". If you do not have a Time Machine icon in the menu bar, try to add it from the System preferences > Time Machine.
Before you launch Time Machine, open the folder you are seeing in the path on the Time Machine volume on your Mac. Then Time Machine will directly open with a window showing you the folder you need to find.
- When the Time Machine time tunnel display opens, click in the Time Line on the right to go back to a time, when the library has still been in this folder.
- Select the Photos Library. Now you should be seeing a "Restore" button. If you hold down the ctrl-key, the Restore button will change to "Restore to" and you can select to the folder where you want to save the restored library. Otherwise your current library will be overwritten, but you may need it to recover the newer photos, that are not yet in the library you are restoring.