Based on similarity measures in the wavelet domain under a multichannel EEG setting, two new methods are developed for single-trial event-related potential (ERP) detection. The first method, named “multichannel EEG thresholding by similarity” (METS), simultaneously denoises all of the information recorded by the channels. The second approach, named “semblance-based ERP window selection” (SEWS), presents two versions to automatically localize the ERP in time for each subject to reduce the time window to be analysed by removing useless features. We empirically show that when these methods are used independently, they are suitable for ERP denoising and feature extraction. Meanwhile, the combination of both methods obtains better results compared to using them independently. The denoising algorithm was compared with classic thresholding methods based on wavelets and was found to obtain better results, which shows its suitability for ERP processing. The combination of the two algorithms for denoising the signals and selecting the time window has been compared to xDAWN, which is an efficient algorithm to enhance ERPs. We conclude that our wavelet-based semblance method performs better than xDAWN for single-trial detection in the presence of artifacts or noise.