We present an average method based on the multirate signal processing and dynamic allocation average for the purpose of monitoring event-related potentials(ERP) and continuously and dynamically. In the proposed method, first, latency shifts are detected through the cross correlation between a current response and the reference response. Then, the multirate signal processing which is composed of up-sampler, lowpass filter, and down sampler is performed to compensate the latency shifts of the reference response, therefore we obtain the reference response with a peak latencies compenated by those of a current response. Finally, the single response is obtained by averaging the compensated reference response and a current response. In the simulation, the results of quantitative evaluation by simulation and the results using linical data are presented. From the result, the proposed method reflects dynamic time-varying ERP more exactly than previous methods and is also effective in consecutive monitoring of ERP.