A method for the single-trial estimation of the evoked potentials is proposed. The method is based on the so-called subspace regularization approach in which the second-order statistics of the set of the measurements is used to form a prior information model for the evoked potentials. The method is closely related to the Bayesian estimation. The performance of the proposed method is evaluated using realistic simulations. As a specific application the method is applied to the estimation of the target responses in the P300 test.