Visual evoked potentials (VEPs) are used in clinical applications in ophthalmology, neurology, and extensively in brain-computer interface (BCI) research. Many BCI implementations utilize steady-state VEP (SSVEP) and/or code modulated VEP (c-VEP) as inputs, in tandem with sophisticated methods to improve information transfer rates (ITR). There is a gap in knowledge regarding the adaptation dynamics and physiological generation mechanisms of the VEP response, and the relation of these factors with BCI performance. A simple, dual pattern display setup was used to evoke VEPs and to test signatures elicited by non-isochronic, non-singular, low jitter stimuli at the rates of 10, 32, 50, and 70 reversals per second (rps). Non-isochronic, low-jitter stimulation elicits quasi-steady-state VEPs (QSS-VEPs) that are utilized for the simultaneous generation of transient VEP and QSS-VEP. QSS-VEP is a special case of c-VEPs, and it is assumed that it shares similar generators of the SSVEPs. Eight subjects were recorded, and the performance of the overall system was analyzed using receiver operating characteristic (ROC) curves, accuracy plots, and ITRs. In summary, QSS-VEPs performed better than transient VEPs (TR-VEP). It was found that in general, 32 rps stimulation had the highest ROC area, accuracy, and ITRs. Moreover, QSS-VEPs were found to lead to higher accuracy by template matching compared to SSVEPs at 32 rps. To investigate the reasons behind this, adaptation dynamics of transient VEPs and QSS-VEPs at all four rates were analyzed and speculated.