Two experiments, both presenting diotic, harmonic tone complexes (100 Hz fundamental), were conducted to explore the envelope-related component of the frequency-following response (FFRENV), a measure of synchronous, subcortical neural activity evoked by a periodic acoustic input. Experiment 1 directly compared two common analysis methods, computing the magnitude spectrum and the phase-locking value (PLV). Bootstrapping identified which FFRENV frequency components were statistically above the noise floor for each metric and quantified the statistical power of the approaches. Across listeners and conditions, the two methods produced highly correlated results. However, PLV analysis required fewer processing stages to produce readily interpretable results. Moreover, at the fundamental frequency of the input, PLVs were farther above the metric's noise floor than spectral magnitudes. Having established the advantages of PLV analysis, the efficacy of the approach was further demonstrated by investigating how different acoustic frequencies contribute to FFRENV, analyzing responses to complex tones composed of different acoustic harmonics of 100 Hz (Experiment 2). Results show that the FFRENV response is dominated by peripheral auditory channels responding to unresolved harmonics, although low-frequency channels driven by resolved harmonics also contribute. These results demonstrate the utility of the PLV for quantifying the strength of FFRENV across conditions.