A coherent two-dimensional (2D) optical spectroscopy utilizing circularly polarized (CP) beams, which was shown to be useful in studying molecular chirality in condensed phases, was theoretically proposed recently [Cho et al. J. Chem. Phys. 2003, 119, 7003]. A photon echo (PE) version of 2D optical activity spectroscopy is discussed in this paper. Considering various dipeptide and polypeptide systems, where the amide I local modes constitute the set of basis modes used to describe exciton and biexciton states as linear combinations of those basis modes, we present numerically simulated 2D circularly polarized IR PE spectra. It is shown that this novel spectroscopic method can provide additional information on the angles between the transition magnetic dipole and the transition electric dipole of two different vibrationally excited states, which are highly sensitive to the 3D structure and chirality of a given polypeptide. Also, a hierarchical relation of IR absorption, vibrational circular dichroism, 2D IR PE, and 2D CP-IR PE is discussed to show advantages of 2D optical activity spectroscopy in general.