We present here the details of a phase retrieval technique that provides access to multidimensional modalities that are not currently available using existing interferometric techniques. The development of multidimensional optical spectroscopy has facilitated significant insights into electronic processes in physics, chemistry, and biology. The versatility and number of available techniques are, however, significantly limited by the requirement that the detection be interferometric. Many of these techniques are closely related to the vast range of multidimensional NMR spectroscopies, which revolutionized analytical chemistry more than 30 years ago. We focus here on the specific case of two-color multidimensional spectroscopy (analogous to heteronuclear NMR) and discuss the details of an iterative algorithm that recovers the relative phase relationships required to perform the Fourier transformation and find the unique solution for the 2D spectrum. A detailed guide is provided that describes the practical implementation of such algorithms. The effectiveness and accuracy of the phase retrieval process are assessed for simulated one- and two-color experiments. It is also compared with one-color experimental data for which the target phase information has been obtained independently by interferometry. In all the cases, the present algorithm yields results that compare well with the solutions obtained by other means. There are, however, some limitations and potential pitfalls that are identified and discussed. We conclude with a discussion of the potential applications and further advances that may be possible by adopting iterative phase retrieval algorithms of the type discussed here.