The speed of retrieving information from short-term memory is thought to be captured in the slope of the linear function of reaction times (RTs) regressed on set size in the Sternberg memory scanning task (SMST). Individual differences in the slope parameter have been hypothesized to correlate with general intelligence (g). However, this correlation can usually not be found. This present study chose a fixed-links model (FLM) approach to re-evaluate the RT slope parameter on a latent level in a sample of 98 participants aged 18 to 61 years. The same was tried for P3 latencies to investigate whether or not both parameters measure the same cognitive processes in the SMST, and to assess the usability of both slopes to predict g. For RTs, a linear increase with set size was found. The RT slope correlated with g on a manifest level already. The FLM approach could significantly increase the relationship between the slope and g. For P3 latencies, no evidence for a linear increase was found. This indicates that RTs and P3 latencies do not measure the same cognitive processes in the SMST. The FLM proved suitable to investigate the association between the speed of short-term memory scanning and intelligence.