In order to investigate the temporal characteristics of cognitive processing, we apply multivariate phase synchronization analysis to event-related potentials. The experimental design combines a semantic incongruity in a sentence context with a physical mismatch (color change). In the ERP average, these result in an N400 component and a P300-like positivity, respectively. Synchronization analysis shows an effect of global desynchronization in the theta band around 288 ms after stimulus presentation for the semantic incongruity, while the physical mismatch elicits an increase of global synchronization in the alpha band around 204 ms. Both of these effects clearly precede those in the ERP average. Moreover, the delay between synchronization effect and ERP component correlates with the complexity of the cognitive processes.