Perfusion of blood to brain tissue may play a role in cognitive aging, and can be measured using the neuroimaging method arterial spin labeling (ASL). A recently developed ASL parameter, spatial coefficient of variation (sCoV), provides complementary information to traditional perfusion measures. The sCoV has been suggested as an alternative hemodynamic measure to predict prolonged arterial transit time (ATT) which has been connected with neurodegenerative disorders such as Alzheimer’s Disease. The objective was to explore associations of sCoV with aging, cognition, and vascular health. ASL data, neuropsychological testing data, and self-reported demographic and cardiovascular data were collected from older adults in the Netherlands (n = 33, 13 women, mean age 67.58 ± 8.32 years). Spatial CoV had a significant positive correlation with age (r = 0.427, p = 0.013) and a significant negative correlation with a measure of episodic memory performance (WMS Delayed Memory index score; r = -0.439, p = 0.015).The association between episodic memory performance and sCoV was no longer statistically significant after controlling for age and gender. Spatial CoV had small associations that were not significant with measures of vascular health, including pulse pressure (r = 0.285, p = 0.114), mean arterial pressure ( r = 0.268, p = 0.138), and modified vascular risk (r = 0.185, p = 0.318). We also did not find an association between sCoV and a measure of executive function performance (Stroop ratio; r = 0.075, p = 0.677). The associations of sCoV with age and episodic memory in older adults highlight its potential to characterize the association between vasculature and cognitive decline through aging. However, the small association between sCoV and episodic memory performance after controlling for age suggests this effect may be subtle and require more strongly powered studies to characterize the relationship between sCoV and cognition in older adults.