The single‐mode and multimode free‐running dye lasers are examined as possible sources for generating power‐squared corrected two‐photon absorption spectra. The observed differences between the two sources is attributed to the presence of mode noise in the multimode output, which yields inaccuracies in spectra when used as a source for two‐photon spectroscopy. Using an accurate reference spectrum generated with the single‐mode source, the utility of ratioing to obtain accurate spectra with the multimode laser is demonstrated. Alternate techniques for obtaining power‐squared corrected two‐photon spectra with the multimode laser are considered.