Conventional pattern-reversal visual evoked cortical potential (VECP) shows positivity for luminance and chromatic equiluminant stimuli while conventional pattern-onset VECP shows positivity for luminance pattern-onset and negativity for chromatic pattern-onset. We evaluated how the presentation mode affects VECPs elicited by luminance and compound (luminance plus chromatic) pseudo-random stimulation. Eleven normal trichromats and 17 red-green color-blinds were studied. Pattern-reversal and pattern-onset luminance and compound (luminance plus red-green) gratings were temporally modulated by m-sequence. We used a cross-correlation routine to extract the first order kernel (K1) and the first and second slices of the second order kernel (K2.1 and K2.2, respectively) from the VECP response. We integrated the amplitude of VECP components as a function of time in order to estimate its magnitude for each stimulus condition. We also used a normalized cross-correlation method in order to test the similarity of the VECP components. The VECP components varied with the presentation mode and the presence of red-green contrast in the stimuli. In trichromats, for compound conditions, pattern-onset K1, K2.1, and K2.2, and pattern-reversal K2.1 and K2.2 had negative-dominated waveforms at 100 ms. Small negativity or small positivity were observed in dichromats. Trichromats had larger VECP magnitude than color-blinds for compound pattern-onset K1 (with large variability across subjects), compound pattern-onset and pattern-reversal K2.1, and compound pattern-reversal K2.2. Trichromats and color-blinds had similar VECP amplitude for compound pattern-reversal K1 and compound pattern-onset K2.2, as well as for all luminance conditions. The cross-correlation analysis showed high similarity between waveforms of compound pattern-onset K2.1 and pattern-reversal K2.2 as well as pattern-reversal K2.1 and K2.2. We suggest that compound pattern-reversal K2.1 is an appropriate response to study red-green color-opponent activity.