Using the technique of point source atom interferometry, we characterize the sensitivity of a multi-axis gyroscope based on free-space Raman interrogation of a single source of cold atoms in a glass vacuum cell. The instrument simultaneously measures the acceleration in the direction of the Raman laser beams and the component of the rotation vector in the plane perpendicular to that direction. We characterize the sensitivities for the magnitude and direction of the rotation vector measurement, which are 0.033 $^{circ}/mathrm{s}$ and 0.27 $^{circ}$ with one second averaging time, respectively. The sensitivity could be improved by increasing the Raman interrogation time, allowing the cold-atom cloud to expand further, correcting the fluctuations in the initial cloud shape, and reducing sources of technical noise. The unique ability of the PSI technique to measure the rotation vector in a plane may permit applications of atom interferometry such as tracking the precession of a rotation vector and gyrocompassing.