The decay of three-pulse photon echo signals from a solute in a liquid solvent is sensitive to the solute's transition frequency fluctuations, as characterized by its two-point time correlation function, otherwise known as the solvation correlation function. The most widely used method for determining this solvation correlation function from photon echo data involves the three-pulse photon echo peak shift (3PEPS) method. Using this method the long-time decay of the solvation correlation function can be obtained directly, but the determination of the short-time decay requires a difficult numerical fitting procedure. In this study we propose several alternative approaches to determining the solvation correlation function from echo data, the most promising and straightforward of which we call the S3PE (short-time slope of the three-pulse photon echo) method. The accuracy and efficacy of this approach is illustrated by extracting the solvation correlation function from "experimental" data obtained from classical molecular dynamics computer simulations.