We extend the signal space separation (SSS) method to decompose multichannel magnetoencephalographic (MEG) data into regions of interest inside the head. It has been shown that the SSS method can transform MEG data into a signal component generated by neurobiological sources and a noise component generated by external sources outside the head. In this paper, we show that the signal component obtained by the SSS method can be further decomposed by a simple operation into signals originating from deep and superficial sources within the brain. This is achieved by using a scheme that exploits the beamspace methodology that relies on a linear transformation that maximizes the power of the source space of interest. The efficiency and accuracy of the algorithm are demonstrated by experiments utilizing both simulated and real MEG data.