In most of the work using event-related potentials (ERPs), researchers presume the function of specific components based on the careful manipulation of experimental factors, but rarely report direct evidence supporting a relationship between the neural signal and other outcomes. Perhaps most troubling is the lack of evidence that ERPs correlate with related behavioral outcomes which should result, at least in part, from the neural processes that ERPs capture. One such example is the NoGo-N2 component, an ERP component elicited in Go/NoGo paradigms. There are two primary theories regarding the functional significance of this component in this context: that the signal represents response inhibition and that the component reflects conflict. In this paper, a trial-level method of analysis for the relationship between ERP component potentials and downstream behavioral outcomes (in this case, response accuracy) using a multi-level modeling framework is proposed to provide discriminatory evidence for one of these theories. Following a description of the research on the NoGo-N2, preliminary data supporting the conflict monitoring theory are presented, noting important limitations. Next, an EEG simulation study is presented in which NoGo-N2 data are generated with a known relationship to fabricated reaction time data, showing that, with added levels of complexity and noise within the data, the MLM approach is consistently successful at extracting the known relationships that occur in real NoGo-N2 data. Next, using independent components analysis (ICA) to extract spatiotemporal components that best represent the signal of interest, a well-powered analysis of the relationship between the NoGo-N2 and response accuracy is used to provide strong discriminatory evidence for the conflict monitoring theory of the NoGo-N2. Finally, implications for the NoGo-N2, as well as all ERP components, are discussed with a focus on how this approach can and should be used. the paper concludes with potential expansions of this approach to areas beyond identifying the function of ERP components.