Two experiments using the ERP method and a task that involved comparing an imagined‐S1 (the first stimulus) with a perceived‐S2 (the second stimulus) were conducted to investigate whether imagined auditory representations encode pitch and loudness information. It was found that the amplitude of the imagery‐related late positive complex (LPC) decreased with pitch but increased with loudness of the imagined sound, which was consistent with amplitude modulations of the auditory perception‐related N1 component, thereby providing the first neural evidence that auditory imagery encodes perceptual attributes of auditory experiences.