With regard to the depolarizing collisions the polarization properties of the photon echo formed by two exciting pulses linearly polarized at an angle ψ to each other with arbitrary values of their areas and arbitrary ratios of the durations and the time of reversible Doppler relaxation are obtained. The case of the small area of the first exciting pulse is examined. It is shown that the polarization properties of the photon echo can be described by equations obtained in the limit of small areas for both the first and the second exciting pulses up to the area of the second exciting pulse of the order of unity.