In a driving control system actuated by visual evoked brain waves which are induced by a multi-frequency and multi-phase encoder, and a corresponding method configured for analyzing brain wave signals in order to control at least one peripheral equipment, the driving control system includes an optical flash generating device, a brain wave signal measurement device, a signal processing and analyzing device and a control device. The optical flash generating device is configured for generating at least one flash light source by a multi-frequency and multi-phase encoder. The brain wave signal measurement device is configured for measuring a brain wave signal inducing by a user gazing the flash light source. The signal processing and analyzing device is configured for calculating the frequency and the phase of the brain wave by a mathematical method, and analyzing whether the frequency and the phase of the brain wave same to the those of the optical flash generating device. The control device is configured for sending out the frequency and the phase analyzed by the signal processing and analyzing device and same to those of the optical flash generating device so as to control at least one peripheral equipment.