Event-related potentials (ERPs) recorded on the surface of the head are a mixture of signals from many sources in the brain due to volume conductions. As a result, the spatial resolution of the ERPs is quite low. Blind source separation can help to recover source signals from multichannel ERP records. In this study, we present a novel implementation of a method for decomposing multi-channel ERP into components, which is based on the modeling of second-order statistics of ERPs. We also report a new implementation of Bayesian Information Criteria (BIC), which is used to select the optimal number of hidden signals (components) in the original ERPs. We tested these methods using both synthetic datasets and real ERPs data arrays. Testing has shown that the ERP decomposition method can reconstruct the source signals from their mixture with acceptable accuracy even when these signals overlap significantly in time and the presence of noise. The use of BIC allows us to determine the correct number of source signals at the signal-to-noise ratio commonly observed in ERP studies. The proposed approach was compared with conventionally used methods for the analysis of ERPs. It turned out that the use of this new method makes it possible to observe such phenomena that are hidden by other signals in the original ERPs. The proposed method for decomposing a multichannel ERP into components can be useful for studying cognitive processes in laboratory settings, as well as in clinical studies.