Understanding the contribution of cognitive processes and their underlying neurophysiological signals to behavioral phenomena has been a key objective in recent neuroscience research. Using a diffusion model framework, we investigated to what extent well-established correlates of spatial attention in the electroencephalogram contribute to behavioral performance in an auditory free-field sound localization task. Younger and older participants were instructed to indicate the horizontal position of a predefined target among three simultaneously presented distractors. The central question of interest was whether posterior alpha lateralization and amplitudes of the anterior contralateral N2 subcomponent (N2ac) predict sound localization performance (accuracy, mean RT) and/or diffusion model parameters (drift rate, boundary separation, non-decision time). Two age groups were compared to explore whether, in older adults (who struggle with multispeaker environments), the brain–behavior relationship would differ from younger adults. Regression analyses revealed that N2ac amplitudes predicted drift rate and accuracy, whereas alpha lateralization was not related to behavioral or diffusion modeling parameters. This was true irrespective of age. The results indicate that a more efficient attentional filtering and selection of information within an auditory scene, reflected by increased N2ac amplitudes, was associated with a higher speed of information uptake (drift rate) and better localization performance (accuracy), while the underlying response criteria (threshold separation), mean RTs, and non-decisional processes remained unaffected. The lack of a behavioral correlate of poststimulus alpha power lateralization constrasts with the well-established notion that prestimulus alpha power reflects a functionally relevant attentional mechanism. This highlights the importance of distinguishing anticipatory from poststimulus alpha power modulations.