The spectroscopy of colloidal CdSe nanocrystals is investigated using two-dimensional photon echo (2DPE) spectroscopy with copolarized and cross-polarized pulse sequences. Clearly resolved excited state absorption features are observed to beat at the frequency of the longitudinal-optical phonon, and the phase of this beating is found to be polarization-dependent. A simulation is performed using the excitonic and biexcitionic fine structure states predicted by theory, and the polarization-dependent beating allows each feature to be assigned to a particular excited state absorption pathway. Owing to their circularly polarized selection rules, the polarization-dependent 2DPE technique provides valuable insights into the spectroscopy of quantum dots. In particular, transient absorption features observed in pump probe studies of CdSe quantum dots can now be assigned to specific fine structure transitions to the ground state biexciton.