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However, theta and HFB exhibit asynchronous timing, raising the question of how results of local processing are communicated. Using intracranial EEG in patients performing a recognition memory task, we examined this coordination across medial temporal (MTL) and prefrontal (PFC) regions. HFB peaks occurred earlier in the MTL than in the PFC. Contrasting analyses were anchored either to these internally driven HFB peaks or to the external event of stimulus presentation. We discovered three key results. First, the role of the PFC changed from encoding to retrieval. Specifically, PFC-MTL theta connectivity was aligned with internal PFC peaks during encoding, suggesting top-down initiation. By contrast, this connection was aligned with external stimulus presentation during retrieval, suggesting bottom-up initiation. Second, the anterior cingulate cortex exhibited connectivity that was aligned to internal HFB peaks only, suggesting that its role is evaluative, devoid of direct stimulus processing. Third, graph theoretic analysis of whole-brain connectivity patterns revealed that the connections predicting successful memory performance were embedded in transient, sparse network states. These results reveal that analyses triggered from internally-generated events yield different results when compared to classic analyses triggered using external events. 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