In this work, we studied the photon echo from heavy-hole excitons in a thin InGaAs/GaAs quantum well. To analyze the results, we used the model of an ensemble of two-level systems. The model allows us to describe the temporal profile and the moment of arrival of the echo signal, as well as the echo amplitude decay with increasing delay between pulses. In addition, excitation-induced dephasing effect was observed, that was beyond the limits of applicability of the model.