Magnetic stimulation (TMS) of human occipital and posterior parietal cortex can give rise to visual sensations called phosphenes, but neural correlates of phosphene perception preceding and succeeding stimulation of both areas are unknown. Using near-threshold TMS with concurrent electroencephalography (EEG) recordings, we uncover oscillatory brain dynamics that covary, on single trials, with the perception of phosphenes following occipital and parietal TMS. Prestimulus power and phase predominantly in the alpha-band (8-13 Hz) predicted occipital TMS phosphenes, whereas higher frequency beta-band (13-20 Hz) power (but not phase) predicted parietal TMS phosphenes. TMS evoked responses related to phosphene perception were similar across stimulation sites and were characterized by an early (200 ms) posterior negativity and a later (>300 ms) parietal positivity in the time domain and an increase in low-frequency (~5-7 Hz) power followed by a broadband decrease in alpha/beta power in the time-frequency domain. These correlates of phosphene perception closely resemble known electrophysiological correlates of conscious perception using near-threshold visual stimuli and speak to the possible early onset of visual consciousness. The differential pattern of prestimulus predictors of phosphene perception suggest that distinct frequencies reflect cortical excitability within different cortical regions, and that the alpha-band rhythm, long thought of as a general index of cortical inhibition, may not reflect excitability of posterior parietal cortex.