In the resting state the EEG and MEG exhibit rhythmic brain activity typically in the alpha rhythm. Since these rhythms are generated by the same basic oscillations in the thalamocortical and cortical-cortical circuitry, they have quite similar topographic frequency spectral distribution for both modalities. However, there is a need of investigation to see if different physical aspects that underpin the two types of signals lead to a different distribution of reconstructed sources for EEG and MEG rhythms and whether these sources can be transformed from one to another? In this study, we address these issues by comparing eyes open EEG and MEG source spectra of 45 subjects each from the CHBM and HCP project. Source spectra were obtained between 0-50Hz at 100 frequency points via a modern inverse method BC-VARETA and two well-known inverse methods eLORETA and LCMV. We performed a permutation-based test between source spectra of both modalities to see the differences. Later, we corrected source spectra for some known reasons of differences and applied the test again. The results showed that raw EEG and MEG source spectra are very different. However, differences were greatly reduced when corrections were applied. These results show that it seems possible to create a cross modality source spectra transformation that will allow comparison of EEG and MEG. These results are very significant for future studies comparing both modalities at a deeper level.