The momentum space Josephson effect describes the supercurrent flow between weakly coupled Bose-Einstein condensates (BECs) at two discrete momentum states. Here, we experimentally observe this exotic phenomenon using a BEC with Raman-induced spin-orbit coupling, where the tunneling between two local band minima is implemented by the momentum kick of an additional optical lattice. A sudden quench of the Raman detuning induces coherent spin-momentum oscillations of the BEC, which is analogous to the ac Josephson effect. We observe both plasma and regular Josephson oscillations in different parameter regimes. The experimental results agree well with the theoretical model and numerical simulation and showcase the important role of nonlinear interactions. We also show that the measurement of the Josephson plasma frequency gives the Bogoliubov zero quasimomentum gap, which determines the mass of the corresponding pseudo-Goldstone mode, a long-sought phenomenon in particle physics. The observation of momentum space Josephson physics offers an exciting platform for quantum simulation and sensing utilizing momentum states as a synthetic degree.