The sulfur K-edge near-edge X-ray absorption fine-structure (NEXAFS) spectra of the common conjugated polymers P3HT and PBTTT are studied from both experimental and theoretical perspectives. Experimental angle-resolved spectra are measured to characterize both the dominant peaks and the dichroism of the polymers. First-principles calculations using the density functional theory-based many-body X-ray absorption spectroscopy (MBXAS) method are performed for the two polymers as well as for the thiophene and thienothiophene units that make up the conjugated backbones of these polymers. Through this combined approach, we are able to confidently assign the observed peaks to specific molecular orbitals and identify the orientation of their transition dipole moments (TDMs) with respect to the coordinate frame of the polymer backbone. In particular, we are able to establish the character and orthogonal nature of the three main low-energy peaks at: (i) 2473.5 eV, 1s → (S–C)π* with TDM along the π-stacking direction; (ii) 2474.1 eV, 1s → (S–C)σ* with TDM along the backbone; and (iii) 2475.4 eV, 1s → (S–C)σ* with TDM perpendicular to the first two. By performing both gas-phase and solid-state simulations, and with reference to the NEXAFS spectra of thiophene and thienothiophene building blocks, the influences of polymerization and molecular packing are also explored.