Let $U^+_q$ denote the positive part of the quantized enveloping algebra $U_q(\widehat{\mathfrak{sl}}_2)$. The algebra $U^+_q$ has a presentation involving two generators $W_0$, $W_1$ and two relations, called the $q$-Serre relations. In 1993 I. Damiani obtained a PBW basis for $U^+_q$, consisting of some elements $\lbrace E_{n δ+ α_0} \rbrace_{n=0}^\infty$, $\lbrace E_{n δ+ α_1} \rbrace_{n=0}^\infty$, $\lbrace E_{n δ} \rbrace_{n=1}^\infty$. In 2019 we introduced the alternating central extension $\mathcal U^+_q$ of $U^+_q$. We defined $\mathcal U^+_q$ by generators and relations. The generators, said to be alternating, are denoted $\lbrace \mathcal W_{-k}\rbrace_{k=0}^\infty$, $\lbrace \mathcal W_{k+1}\rbrace_{k=0}^\infty$, $ \lbrace \mathcal G_{k+1}\rbrace_{k=0}^\infty$, $\lbrace \mathcal {\tilde G}_{k+1}\rbrace_{k=0}^\infty$. Let $\langle \mathcal W_0, \mathcal W_1 \rangle$ denote the subalgebra of $\mathcal U^+_q$ generated by $\mathcal W_0$, $\mathcal W_1$. It is known that there exists an algebra isomorphism $U^+_q\to \langle \mathcal W_0, \mathcal W_1 \rangle$ that sends $W_0 \mapsto \mathcal W_0$ and $W_1 \mapsto \mathcal W_1$. Via this isomorphism we identify $U^+_q$ with $\langle \mathcal W_0, \mathcal W_1 \rangle$. In our main result, we express the Damiani PBW basis elements in terms of the alternating generators. We give the answer in terms of generating functions.