Model-based cognitive neuroscience consolidates the cognitive processes and neurophysiological oscillations which are reflections of behavioral performance (e.g., reaction times and accuracy). Here, based on one of well-known sequential sampling models (SSMs), named the diffusion decision model, and the nested model comparison, we explore the underlying latent process of spatial prioritization in perceptual decision processes, so that for estimating the model parameters (i.e. the drift rate, the boundary separation, and the non-decision time), a Bayesian hierarchical approach is considered, which allows inferences to be done simultaneously in the group and individual level. Moreover, well-established neural components of spatial attention which contributed to the latent process and behavioral performance in a visual face-car perceptual decision are detected based on the event-related potential (ERP) analysis. Our cognitive modeling analysis revealed that the non-decision time parameter provides a better fit to the top-down attention with the measures of two powerful weapons, i.e. the deviance information criterion called DIC score and R-square. Also, using multiple regression analysis on the contralateral minus neutral N2 sub-component (N2nc) at central electrodes and contralateral minus neutral alpha power (Anc) at posterior-occipital electrodes in the voluntary attention, it can be concluded that poststimulus N2nc can predict reaction time (RT) and non-decision time parameter relating to spatial prioritization. Whereas, the poststimulus Anc only can predict the RT and not the non-decision time relating to spatial prioritization. The result suggested that the difference of contralateral minus neutral oscillations was more important to reflect the modulation of the top-down spatial attention mechanism in comparison with the difference of ipsilateral minus neutral oscillations.