Although differences in fundamental frequencies (F0s) between vowels are beneficial for their segregation and identification, listeners can still segregate and identify simultaneous vowels that have identical F0s, suggesting that additional cues are contributing, including formant frequency differences. The current perception and computational modeling study was designed to assess the contribution of F0 and formant difference cues for concurrent vowel identification. Younger adults with normal hearing listened to concurrent vowels over a wide range of levels (25-85 dB SPL) for conditions in which F0 was the same or different between vowel pairs. Vowel identification scores were poorer at the lowest and highest levels for each F0 condition, and F0 benefit was reduced at the lowest level as compared to higher levels. To understand the neural correlates underlying level-dependent changes in vowel identification, a computational auditory-nerve model was used to estimate formant and F0 difference cues under the same listening conditions. Template contrast and average localized synchronized rate predicted level-dependent changes in the strength of phase locking to F0s and formants of concurrent vowels, respectively. At lower levels, poorer F0 benefit may be attributed to poorer phase locking to both F0s, which resulted from lower firing rates of auditory-nerve fibers. At higher levels, poorer identification scores may relate to poorer phase locking to the second formant, due to synchrony capture by lower formants. These findings suggest that concurrent vowel identification may be partly influenced by level-dependent changes in phase locking of auditory-nerve fibers to F0s and formants of both vowels.