Rabi oscillations reflect the existence of a coherent superposition of two molecular eigenstates during the interaction of molecules with a strong, resonant electromagnetic field. This phenomenon is not restricted to two-level systems. We demonstrate its occurrence in a three-level system where the radiation induces a two-photon absorption. The intermediate level is (slightly) detuned from resonance. For a theoretical descrip tion the dressed-state picture is adopted. The two-photon excitation is performed either by using one laser, yielding a one-color two-photon process, or by using two counterpropagating, spatially overlapping laser beams, yielding a two-color two-photon process. Rabi oscillations are produced by varying the fluence, i.e., by changing either the laser power or the molecule-laser interaction time. For the one-color case the two-photon transition dipole moment for an SF6 transition has been determined from the relation between laser fluence and number of Rabi oscillations.