We show that one of the key characteristics of interacting one-dimensional electronic quantum systems, the separation of spin and charge, can be observed in a two-component system of bosonic ultracold atoms even close to a competing phase separation regime. To this purpose we determine the real-time evolution of a single particle excitation and the single particle spectral function using density-matrix renormalization group techniques. Due to efficient bosonic cooling and good tunability this setup exhibits very good conditions for observing this strong correlation effect. In anticipation of experimental realizations we calculate the velocities for spin and charge perturbations for a wide range of parameters.