An optimized scheme for the fusion of electroencephalography and event related potentials with functional magnetic resonance imaging (BOLD-fMRI) data should simultaneously assess all available electrophysiologic and hemodynamic information in a common data space. In doing so, it should be possible to identify features of latent neural sources whose trial-to-trial dynamics are jointly reflected in both modalities. We present a joint independent component analysis (jICA) model for analysis of simultaneous single trial EEG-fMRI measurements from multiple subjects. We outline the general idea underlying the jICA approach and present results from simulated data under realistic noise conditions. Our results indicate that this approach is a feasible and physiologically plausible data-driven way to achieve spatiotemporal mapping of event related responses in the human brain.