Long-lived, spatially localized, and temporally oscillating nonlinear excitations are predicted by numerical simulation of coupled Gross-Pitaevskii equations. These oscillons closely resemble the time-periodic breather solutions of the sine-Gordon equation but decay slowly by radiating Bogoliubov phonons. Their time-dependent profile is closely matched with solutions of the sine-Gordon equation, which emerges as an effective field theory for the relative phase of two linearly coupled Bose fields in the weak-coupling limit. For strong coupling the long-lived oscillons persist and involve both relative and total phase fields. The oscillons decay via Bogoliubov phonon radiation that is increasingly suppressed for decreasing oscillon amplitude. Possibilities for creating oscillons are addressed in atomic gas experiments by collision of oppositely charged Bose-Josephson vortices and direct phase imprinting.