Bispectral analysis, recently introduced as a technique for revealing time-phase relationships, is extended to make use of wavelets rather than Fourier analysis. It is thus able to encompass instantaneous phase-time dependence for the case of two or more coupled nonlinear oscillators. The method is demonstrated and evaluated by use of test signals from a pair of coupled Poincaré oscillators. It promises to be useful in a wide range of scientific contexts for studies of interacting oscillators whose basic frequencies are significantly time variable.