Feasibility of continuously and simultaneously recording visual evoked potentials (VEPs) with fMRI was assessed by quantitatively comparing cortical source images by means of receiver operating characteristic (ROC) curve analysis. The averaged EEG source images coincided well with simultaneously acquired fMRI activations. Strong correlation was found between the cortical source images of VEPs recorded inside and outside the scanner. Application of fMRI prior information strengthened correlation between estimated source images as well as resulted in source estimates with higher spatial resolution. The present results demonstrate that reliable cortical source images can be acquired during simultaneous fMRI scanning and they may be used for multimodal functional source imaging studies.