In this paper, an adaptive Markov process amplitude algorithm is used to model and simulate electroencephalogram (EEG) signals. EEG signal modeling is used as a tool to identify pathophysiological EEG changes potentially useful in clinical diagnosis. The least mean square algorithm is adopted to continuously estimate the parameters of a first-order Markov process model. EEG signals recorded from rodent brains during injury and recovery following global cerebral ischemia are utilized as input signals to the model. The EEG was recorded in a controlled experimental brain injury model of hypoxic-ischemic cardiac arrest. The signals from the injured brain during various phases of injury and recovery were modeled. Results show that the adaptive model is accurate in simulating EEG signal variations following brain injury. The dynamics of the model coefficients successfully capture the presence of spiking and bursting in EEG.