A study has been made of the effect of relaxation times on the four-wave mixing (FWM) signal response in frequency space for a two-level system where intramolecular coupling is explicitly taken into account within a vibronic model. The model is a generalization of the conventional two-level approach in that it includes a simplified description of the molecular structure and the explicit consideration of permanent dipole moments. Significant changes in both the intensity and shape of the peaks of the FWM spectrum are observed, due mainly to changes in the ratio between the longitudinal and transversal relaxation times, T1/T2.