Event-related potential (ERP) studies of recognition memory have shown dissociations between item recognition and source memory, wherein item recognition is associated with the mid-frontal FN400 component, which varies continuously with item memory strength, while source memory is associated with the late parietal effect (LPC). There is current debate about whether source memory can vary along a continuum of memory strength or is a threshold process. The LPC has been shown to be generally sensitive to correct versus incorrect source judgments, but varying levels of “source strength” along a single dimension of source evidence have not been tested. The current experiment had participants encode novel visual objects in one of two different task contexts by performing either a conceptual or perceptual judgment about the object. On a subsequent memory test, participants made an old/new decision on a 4-point confidence scale followed by a source memory confidence judgment, in which they indicated their confidence about which task they had performed with the object at encoding. ERPs from the memory test were examined for electrophysiological correlates of both item and source memory strength. Item memory was associated with differences in the 300–500 ms time window, consistent with the timing of the FN400. Differences in the amplitude of the LPC were observed between correct and incorrect source decisions, consistent with previous findings. Comparing low and high confidence source decisions also revealed differences, suggesting that the LPC is also sensitive to variations in the strength of source memory.