2D electronic spectroscopy is a widely exploited tool to study excited state dynamics. A high density of information is enclosed in 2D spectra. A crucial challenge is to objectively disentangle all the features of the third order optical signal. We propose a global analysis method based on the variable projection algorithm, which is able to reproduce simultaneously coherence and population dynamics of rephasing and non-rephasing contributions. Test measures at room temperature on a standard dye are used to validate the procedure and to discuss the advantages of the proposed methodology with respect to the currently employed analysis procedures.