Cognitive mechanisms hypothesized to underlie hallucinatory experiences (HEs) include dysfunctional source monitoring, heightened signal detection, or impaired attentional processes. HEs can be very pronounced in psychosis, but similar experiences also occur in nonclinical populations. Using data from an international multisite study on nonclinical subjects (N = 419), we described the overlap between two sets of variables - one measuring cognition and the other HEs - at the level of individual items, allowing extraction of item-specific signal which might considered off-limits when summary scores are analyzed. This involved using a statistical hypothesis test at the multivariate level, and variance constraints, dimension reduction, and split-half reliability checks at the level of individual items. The results showed that (1) modality-general HEs involving sensory distortions (hearing voices/sounds, troubled by voices, everyday things look abnormal, sensations of presence/movement) were associated with more liberal auditory signal detection, and (2) HEs involving experiences of sensory overload and vivid images/imagery (viz., HEs for faces and intense daydreams) were associated with other-ear distraction and reduced laterality in dichotic listening. Based on these results, it is concluded that the overlap between HEs and cognition variables can be conceptualized as modality-general and bi-dimensional: one involving distortions, and the other involving overload or intensity.