Despite relatively accurate time judgment, subjective time is susceptible to various contexts, such as sample spacing and frequency. Several electroencephalographic (EEG) components have been linked to timing, including the contingent negative variation (CNV), offset P2, and late positive component of timing (LPCt). However, the specific role of these components in the contextual modulation of perceived time remains unclear. In this study, we conducted two temporal bisection experiments, where participants had to judge if a test duration was close to a short or long standard. Unbeknownst to participants, the sample spacing (Experiment 1) and frequency (Experiment 2) were altered to create short and long contexts while keeping the test range and standards the same in different sessions. The results showed that the bisection threshold shifted toward the ensemble mean and that CNV and LPCt were sensitive to context modulation. Compared to the long context, the CNV climbing rate increased in the short context, and the amplitude and latency of the LPCt were reduced. These findings suggest the CNV represents an expectancy wave for upcoming decision-making, while LPCt reflects the decision-making process, both influenced by the temporal context.