High temperature rolling element bearings and methods for manufacturing high temperature bearing components, such as bearing races or rings, are provided. In one embodiment, the method includes obtaining a powder mixture containing a superalloy powder admixed with hard wear particles, such as carbide particles. The powder mixture is consolidated utilizing a spark plasma sintering process during which the powder mixture is compressed into a sintered blank, while an electrical current is conducted through the powder mixture to heat the powder mixture to a sintering temperature. The sintered blank is then machined to impart the bearing component with its final shape. Precipitate hardening may also be performed, if desired. The spark plasma sintering process is controlled to limit the temperature and duration of the powder consolidation process thereby imparting the resulting bearing component with an enhanced hot hardness and other desirable properties at highly elevated operating temperatures.