The 1/f noise observed in MOSFET is widely believed to originate from a uniform distribution of traps in the gate oxide. The resulting power spectral density, the 1/f spectrum, can be seen as a superposition of Lorentzian spectra. In this paper, we decompose the measured noise power spectral density into components which are essentially Lorentzian in nature. This decomposition is achieved by using iteratively the wavelet transform on the signal and the subsequent details. The power spectral densities of those details constitute the components of the overall power spectral density of the analyzed signal. Our preliminary results indicate that the hypothesis of `superposition of Lorentzian spectra' model for 1/f noise in MOSFET is a plausible one.