Principal components analysis (PCA) has long been used to decompose the ERP into components, and these mathematical entities are increasingly accepted as meaningful and useful representatives of the electrophysiological components constituting the ERP. A similar expansion appears to be beginning in regard to decomposition of the EEG amplitude spectrum into frequency components via frequency PCA. However, to date, there has been no exploration of the brain's dynamic EEG‐ERP linkages using PCA decomposition to assess components in each measure. Here, we recorded intrinsic EEG in both eyes‐closed and eyes‐open resting conditions, followed by an equiprobable go/no‐go task. Frequency PCA of the EEG, including the nontask resting and within‐task prestimulus periods, found seven frequency components within the delta to beta range. These differentially predicted PCA‐derived go and no‐go N1 and P3 ERP components. This demonstration suggests that it may be beneficial in future brain dynamics studies to implement PCA for the derivation of data‐driven components from both the ERP and EEG.