Using electroencephalogram (EEG), we tested the hypothesis that the association of a neutral stimulus with the self would elicit ultra-fast neural responses from early top-down feedback modulation to late feedforward periods for cognitive processing, resulting in self-prioritization in information processing. In two experiments, participants first learned three associations between personal labels (self, friend, stranger) and geometric shapes (Experiment 1) and three colors (Experiment 2), and then they judged whether the shape/color-label pairings matched. Stimuli in Experiment 2 were shown in a social communicative setting with two avatars facing each other, one aligned with the participant's view (first-person perspective) and the other with a third-person perspective. The color was present on the t-shirt of one avatar. This setup allowed for an examination of how social contexts (i.e., perspective taking) affect neural connectivity mediating self-related processing. Functional connectivity analyses in the alpha band (8-12 Hz) revealed that self-other discrimination was mediated by two distinct phases of neural couplings between frontal and occipital regions, involving an early phase of top-down feedback modulation from frontal to occipital areas followed by a later phase of feedforward signaling from occipital to frontal regions. Moreover, while social communicative settings influenced the later feedforward connectivity phase, they did not alter the early feedback coupling. The results indicate that regardless of stimulus type and social context, the early phase of neural connectivity represents an enhanced state of awareness towards self-related stimuli, whereas the later phase of neural connectivity may be associated with cognitive processing of socially meaningful stimuli.