The estimation of Lyapunov exponents from time series suffers from the appearance of spurious Lyapunov exponents due to the necessary embedding procedure. Separating true from spurious exponents poses a fundamental problem which is not yet solved satisfactorily. We show, in this Letter, analytically and numerically that covariant Lyapunov vectors associated with true exponents lie in the tangent space of the reconstructed attractor. Therefore, we use the angle between the covariant Lyapunov vectors and the tangent space of the reconstructed attractor to identify the true Lyapunov exponents. The usefulness of our method, also for noisy situations, is demonstrated by applications to data from model systems and a NMR laser experiment.