Angle-resolved metastable fragments yields spectra have been measured in the N 1s ionization region of the N(2) and C 1s ionization region of CO. These spectra are compared with zero kinetic energy electron and photoelectron spectra. It has been shown that an isotropic metastable fragments yields spectra are almost identical with the ZEKE spectrum, whereas metastable fragments yields spectra with the Σ-Σ transition show similarity with photoelectron spectra. This means that these spectra clearly contain information about two shake-up mechanisms: conjugate and direct shake-up processes. All the peaks in the metastable photofragment spectra can be assigned as either satellite states or double/triple excitation states. Thus, it was shown that angle-resolved metastable photofragment spectroscopy could be used to help characterize multi-electron excitation states in general.