That still sounds like just one dimension to me. For two dimensions, you would need "mild very positive emotions" (contentment?) and "intense slightly negative emotions" (overpowering nostalgia?).

The two dimensions are negative and positive: you can be both negative and positive at the same time, so your degrees of negativity and positivity can be treated as a point in a two dimensional space.

This still isn't a fully two-dimensional space -- or at least it's not a square, since extremes of either positive or negative arousal tend to suppress the other. WIthin a certain range, though, you can be both negative and positive or neither, as well as one or the other. So negative-positive isn't directions on an axis, it's a pair of sometimes but not always anti-correlated measurements.