Lately, Ensemble Empirical Mode Decomposition (EEMD) techniques receive growing interest in biomedical data analysis. Event-Related Modes (ERMs) represent features extracted by an EEMD from electroencephalographic (EEG) recordings. We present a new approach for source localization of EEG data based on combining ERMs with inverse models. As the first step, 64 channel EEG recordings are pooled according to six brain areas and decomposed, by applying an EEMD, into their underlying ERMs. Then, based upon the problem at hand, the most closely related ERM, in terms of frequency and amplitude, is combined with inverse modeling techniques for source localization. More specifically, the standardized low resolution brain electromagnetic tomography (sLORETA) procedure is employed in this work. Accuracy and robustness of the results indicate that this approach deems highly promising in source localization techniques for EEG data.