Electroencephalography (EEG) is the only brain imaging method light enough and with the temporal precision to assess electrocortical dynamics during human locomotion. However, head motion during whole-body movements produces artifacts that contaminate the EEG and reduces ICA decomposition quality. We compared commonly used motion artifact removal approaches for reducing the motion artifact from the EEG during running and identifying stimulus-locked ERP components during an adapted flanker task. EEG was recorded from young adults during dynamic jogging and static standing versions of the Flanker task. Motion artifact removal approaches were evaluated based on their ICA's component dipolarity, power changes at the gait frequency and harmonics, and ability to capture the expected P300 ERP congruency effect. Preprocessing the EEG using either iCanClean with pseudo-reference noise signals or artifact subspace reconstruction (ASR) led to the recovery of more dipolar brain independent components. In our analyses, iCanClean was somewhat more effective than ASR. Power was significantly reduced at the gait frequency after preprocessing with ASR and iCanClean. Finally, preprocessing using ASR and iCanClean also produced ERP components similar in latency to those identified in the standing flanker task. The expected greater P300 amplitude to incongruent flankers was identified when preprocessing using iCanClean. ASR and iCanClean may provide effective preprocessing methods for reducing motion artifacts in human locomotion studies during running.