The two-dimensional (2D) melting transition is analyzed on the basis of the long-time behavior of a modified Lindemann parameter in 2D gamma(L)(t) and the bond-angular correlation function g(6)(t). Using video microscopy complete positional data are obtained over five decades in time for an ensemble of superparamagnetic colloidal particles confined to an air-water interface. We find that each of the three phases (solid/hexatic/isotropic liquid) is uniquely characterized by the long-time behavior of gamma(L)(t), g(6)(t), and the non-Gaussian parameter of the relative neighbor-neighbor displacement.