Step 1: The principal value of the inverse sine function is in the range \( \left[ -\frac{\pi}{2}, \frac{\pi}{2} \right] \).
Step 2: \( \sin \frac{5\pi}{3} \) is equivalent to \( -\frac{\pi}{3} \), so the principal value is \( \frac{\pi}{3} \).
Final Answer:
\[
\boxed{\frac{\pi}{3}}
\]