In this article, we derive explicit combinatorial formulas, depending only on $q$, for the Wedderburn decomposition of the rational group algebras of the finite linear groups $\operatorname{SL}_2(q)$ and $\operatorname{PSL}_2(q)$. Furthermore, we also determine the number of pairwise non-isomorphic simple $\mathbb Q G$-modules of each possible dimension for $G$ being either $\operatorname{SL}_2(q)$ or $\operatorname{PSL}_2(q)$.