Background: It is very convenient to use the following notation:
$\mathtt R_{UV}$ is a rotation matrix which transform points from reference frame $V$ into the reference frame $U$. Thus: $\mathbf x_U = \mathtt R_{UV} \mathbf x_V$. The inverse rotation is $\mathtt R_{VU} = \mathtt R_{UV}^{-1}=\mathtt R_{UV}^\top$.
Lets, call the initial frame $O$. I assume you mean with "rotated from the same initial frame" a change in the observer frame/passive transformation (http://en.wikipedia.org/wiki/Active_and_passive_transformation).
Thus, you have the rotation matrices $\mathtt R_{OA}$ and $\mathtt R_{OB}$ (which describe the motion of the observer from $O$ to $A$/$B$, or in other words maps points from $A$/$B$ to $O$). Now, I assume you are interested in $\mathtt R_{AB} = \mathtt R_{AO}\mathtt R_{OB} = \mathtt R_{OA}^\top\mathtt R_{OB}$.
Finally, convert $\mathtt R_{AB}$ into axis-angle...
(In case you have $\mathtt R_{AO}$ and $\mathtt R_{BO}$ and want to calculate $\mathtt R_{BA}$ , you get $\mathtt R_{BA}=\mathtt R_{BO}\mathtt R_{AO}^\top$.)