Currently, two-component integrable nonlinear equations from the hierarchies of the vector nonlinear Schrodinger equation and the vector derivative nonlinear Schrödinger equation are being actively investigated. In this paper, we propose a new hierarchy of two-component integrable nonlinear equations, which have an important difference from the already known equations. To construct the hierarchical equations, we use the monodromy matrix method, as first proposed by B.A. Dubrovin. The method we use consists of solving the following sequence of problems. First, using the Lax operator, we find the monodromy matrix, which is a polynomial in the spectral parameter. More precisely, we find a sequence of monodromy matrices dependent on the degree of this polynomial. Each Lax operator has its own sequence of monodromy matrices. Then, using the terms from the decomposition of the monodromy matrix, we construct a sequence of second operators from a Lax pair. A hierarchy of evolutionary integrable nonlinear equations follows from the conditions of compatibility of the sequence of Lax pairs. Also, knowledge of the monodromy matrix allows us to find stationary equations that are analogs of the Novikov equations for the Korteweg–de Vries equation. In addition, the characteristic equation of the monodromy matrix corresponds to the spectral curve equation of the relevant multiphase solution for the integrable nonlinear equation. Since the coefficients of the spectral curve equation are integrals of the hierarchical equations, they can be utilized to find the simplest solutions of the constructed integrable nonlinear equations. In this paper, we demonstrate the operation of this method, starting with the assignment of the Lax operator and ending with the construction of the simplest solutions.