An oscillatory phase resetting model is presented and data are reported which indicate that early components of the event-related potential are due to the superposition of evoked oscillations. The following hypotheses were tested and could be confirmed: (i) theta and alpha show a significant increase in phase locking during the time window of the P1 and N1 as compared to a prestimulus reference, (ii) the dynamics of event-related changes in evoked theta and alpha power obey the same principles as are known from event-related de-/synchronization research, and (iii) latency measures of the P1-N1 complex are negatively correlated with individual alpha frequency. In addition, we have found that theta phase locking is larger during encoding than recognition and that good memory performers show a larger increase in theta and alpha phase locking during recognition in the time window of the N1. Our general conclusion is that the P1-N1 complex is generated primarily by evoked alpha and theta oscillations reflecting the synchronous activation of a working- and semantic memory system.