Brain–computer interface (BCI) systems have demonstrated significant potential across medical, educational, and entertainment domains. Recently, visual imagery (VI) has emerged as an alternative to traditional motor imagery (MI) paradigms, offering a broader spectrum of control signals for dexterous assistive devices. In this study, we propose a novel BCI framework for classifying visually imagined arrows defined by different colors and directions. The proposed framework employs the Choi–Williams time–frequency distribution (CW-TFD) to construct a joint time–frequency–spatial representation (TFSR) of EEG signals. The resulting TFSR is converted into grayscale images and provided as input to a newly designed convolutional neural network (CNN), which performs 16-class decoding of visually imagined arrows defined by combined color and direction attributes. A new EEG dataset was collected from 16 subjects who imagined 16 distinct arrows comprising four colors and four directions. The framework achieved an average classification accuracy of 95.05% and a Cohen’s kappa score of 0.947 across the 16 classes. To comprehensively evaluate the proposed approach, three comparative analyses were conducted. First, multiple time–frequency representations were assessed for VI-based EEG decoding. Second, the proposed CNN architecture was benchmarked against several state-of-the-art pre-trained deep learning models. Third, the framework was compared with conventional machine learning classifiers using handcrafted features. Results demonstrate that the constructed CWD-based TFSR combined with the proposed CNN consistently outperforms alternative representations and classification models. These findings demonstrate the feasibility of decoding an expanded set of visually imagined color–direction arrow commands in a subject-specific EEG-based BCI setting, supporting further development of calibrated VI-based BCI systems for assistive and interactive applications.