The relationship of P3 to age and neuropsychological performance was investigated in a sample of 71 well-functioning adults ranging in age from 21.8 to 94.7 years. ERPs were recorded while the participants performed an auditory two-stimuli oddball task in which the rare tones were to be counted. The Wechsler Abbreviated Scale of Intelligence (WASI) and the digit span subtest from the Wechsler Adult Intelligence Scale-R (WAIS-R) were administered. Regression analyses showed significant, linear effects of age on P3 latency and amplitude. Significant relationships between P3 and neuropsychological measures were found, in that P3 latency correlated moderately in predictable ways with scores on matrices, block design, and digit span. Overall, these relationships are best characterized by a linear function, but a non-linear component is involved in the relationship between P3 latency and fluid tests. Finally, a linear relationship between ERP components and age was found, while a curvilinear relationship was found between age and block design and matrices, respectively. There appears to be either partially different functions or structures underlying performance on these tests, the P3 component and performance on neuropsychological tests, or one must assume some variant of a multiplicative, as opposed to an additive, model of cognition.