In the present study, we explore suitable spatio-temporal filters for inverse estimation of an equivalent dipole-layer distribution from the scalp electroencephalogram (EEG) for imaging of brain electric sources. We propose a time-varying parametric projection filter (tPPF) for the spatio-temporal EEG analysis. The performance of this tPPF algorithm was evaluated by computer simulation studies. An inhomogeneous three-concentric-spheres model was used in the present simulation study to represent the head volume conductor. An equivalent dipole layer was used to represent equivalently brain electric sources and estimated from the scalp potentials. The tPPF filter was tested to remove time-varying noise such as instantaneous artifacts caused by eyes-blink. The present simulation results indicate that the proposed time-variant tPPF method provides enhanced performance in rejecting time-varying noise, as compared with the time-invariant parametric projection filter.