Strongly bound excitons dominate the optical response in many van der Waals semiconductors, yet distinguishing between the different microscopic processes governing exciton dissociation remains challenging. Using time- and angle-resolved photoemission spectroscopy (TR-ARPES), we independently track exciton and band-edge carrier populations in bulk ReSe under resonant excitation. By studying the fluence dependence and polarization-controlled exciton density dependence of the exciton dissociation process, we distinguish between competing processes and identify exciton photoionization as the microscopic dissociation mechanism. These results establish a population-resolved strategy for resolving exciton-to-carrier conversion pathways in strongly excitonic materials.

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