Hi Candi, I'm a Mommy of little Princess lovers too! If you are wanting to see as many of Princesses as possible up close, I'd recommend that you book several character meals. I'd start by reserving Cinderella's Royal Table. See
HERE. This is a tough reservation to secure, due to the popularity of dining in the Castle. Call 407-WDW-DINE as much as 180 prior to your arrival for all dining reservations. While characters are subject to change, you will usually see Cinderella, Snow White, Sleeping Beauty (Aurora), Belle and Jasmine there.
Norway (in Epcot) also offers Princess Storybook Dining, often with a chance to see different Princesses. See
HERE. There is also the 1900 Park Fare for Cinderella's Happily Ever After Dinner, where you can see Cinderella, Prince Charming, Lady Tremaine, Anastasia and Drizella.
Your little girls can visit with Ariel and Princess Tiana in the Magic Kingdom, check the Times Guide when entering the Park for Meet and Greet times. In addition, you can often see Jasmine in Adventureland (at the Magic Kingdom). Tinkerbell and her fairy friends are in the Magic Kingdom. We have often found Pocahontas in the Animal Kingdom
For your 5 year old, I'd recommend Bibbidi Bobbidi Boutique! It is SO fun and a chance for her to be transformed into a Princess. See
HERE. My little girls LOVE it. The only issue I can see is that your 2 year old is too young (must be 3 or older). I'd hate for her to feel left out. You could always buy her a Princess dress and Tiara though, to help her feel included.
Hope these ideas help and please let me know if you have further questions.
Enjoy your Magical vacation!
Kaylene