A photoelastic stress measurement method is described for evaluating all three in-plane stress components within a two-dimensional photoelastic material. The measurement method is based on the observation that the complex transmission factors that describe the optical attenuation and phase changes due to stress-induced birefringence have a second order tensor character similar to that of other tensor quantities such as stress and strain. Thus, the conventional transformation equations and Mohr's circle construction can be applied to the rotation of optical axis. The method involves loading a photoelastic specimen within a Michelson interferometer and using Electronic Speckle Pattern Interferometry (ESPI) to measure the complex transmission factors corresponding illumination in four different polarization directions. These measurements create the conceptual equivalent of a strain-gauge rosette at each pixel within the measured images. A complex Mohr's circle can then be constructed at each pixel within the measured area, from which the principal transmission factors and principal axis orientation can be determined. In turn, these results provide the associated principal stresses and corresponding angles throughout the photoelastic specimen. The effectiveness of the proposed technique is demonstrated by comparing experimental and analytical results for a circular ring under diametral load.