We report first configuration interaction calculations of hyperfine constants A_parallel and the effective electric field W_d acting on the electric dipole moment of the electron, in two excited electronic states of ^{207}PbO. The obtained hyperfine constants, A_parallel = -3826 MHz for the a(1) state and A_parallel = 4887 MHz for the B(1) state, are in very good agreement with the experimental data, -4113 MHz and 5000 pm 200 MHz, respectively. We find W_d = -(6.1 ^{+1.8}_{-0.6}) 10^{24} Hz/(e cm) for a(1), and W_d = (8.0 pm 1.6) 10^{24} Hz/(e cm) for B(1). The obtained values are analyzed and compared to recent relativistic coupled cluster results and a semiempirical estimate of W_d for the a(1) state.