The selection of an appropriate virtual reference schema is pivotal in determining the outcomes of Event-Related Potential (ERP) studies, particularly within the widely utilized Talk/Listen ERP paradigm, which is employed to non-invasively explore the corollary discharge (CD) phenomenon in the speech-auditory system. This research centers on examining the effects of prevalent EEG reference schemas—Linked Mastoids (LM), Common Average Reference (CAR), and Reference Electrode Standardization Technique (REST)—through statistical analysis, Statistical Parametric Scalp Mapping (SPSM), and source localization techniques. Our ANOVA findings indicate significant main effects for both the reference and the experimental condition on the amplitude of N1 ERPs. Depending on the reference used, the polarity and amplitude of the N1 ERPs demonstrate systematic variations: LM is associated with pronounced frontocentral activity, whereas both CAR and REST exhibit patterns of frontocentral and occipitotemporal activity. The significance of SPSM results is confined to regions exhibiting prominent N1 activity for each reference schema. Source analysis provides corroborative evidence more aligned with the SPSM results for CAR than for REST or LM, suggesting that results under CAR are more objective and reliable. Therefore, the CAR reference is recommended for future studies involving Talk/Listen ERP paradigms.