It might be helpful to look at the explicit relationship between vectors and spinors.
Let [itex]\hat{A}[/itex] be a unit vector in some direction, and let [itex]\psi[/itex] be the two-component spinor corresponding to the spin state of a particle that is spin-up in direction [itex]\hat{A}[/itex], and let [itex]\chi[/itex] be the spinor for spin-down relative to [itex]\hat{A}[/itex]. These relationships can be summarized in terms of the Pauli spin matrices [itex]\sigma_x, \sigma_y, \sigma_z[/itex] by:
[itex](\hat{A} \cdot \vec{\sigma}) \psi = \psi[/itex]
[itex](\hat{A} \cdot \vec{\sigma}) \chi = - \chi[/itex]
It's convenient to rewrite this in terms of projection operator:
[itex]P_{\hat{A}} = \frac{1}{2} (1 + \hat{A} \cdot \vec{\sigma})[/itex]
In terms of [itex]P_{\hat{A}}[/itex], we can write:
[itex]P_{\hat{A}} \psi= \psi[/itex]
[itex]P_{\hat{A}} \chi = 0[/itex]
So [itex]P_{\hat{A}}[/itex] "projects out" the component of a spinor that is spin-up relative to [itex]\hat{A}[/itex].
Here's a cool fact about [itex]P_{\hat{A}}[/itex] and [itex]\psi[/itex]:
[itex]\psi \psi^\dagger = P_{\hat{A}}[/itex]
where [itex]\dagger[/itex] means the complex-conjugate of the transpose. So there is a strange sense in which [itex]\psi = \sqrt{P_{\hat{A}}}[/itex] (sort of).
If you use the Pauli spin matrices, then you can find the components of [itex]\hat{A}[/itex] in terms of the components of [itex]\psi[/itex]. Letting [itex]\psi = \left( \begin{array} \\ a \\ b \end{array} \right)[/itex], then
[itex]A_z = |a|^2 - |b|^2 = 2 |a|^2 - 1[/itex] (the spinor is normalized so that [itex]|a|^2 + |b|^2 = 1[/itex]
[itex]A_x = a^* b + a b^*[/itex]
[itex]A_y = i (a^* b - b^* a)[/itex]
You can invert these to find [itex]a[/itex] and [itex]b[/itex] in terms of [itex]\hat{A}[/itex]. This is easier if you represent [itex]\hat{A}[/itex] in spherical coordinates:
[itex]A_z = cos(\theta), A_x = sin(\theta) cos(\phi), A_y = sin(\theta) sin(\phi)[/itex]
Then in terms of [itex]\theta[/itex] and [itex]\phi[/itex],
[itex]a = cos(\theta/2) e^{-i \phi/2}[/itex]
[itex]b = sin(\theta/2) e^{+i \phi/2}[/itex]
The relationship is two-to-one, in the sense that if you rotate [itex]\hat{A}[/itex] through [itex]2\pi[/itex] about any axis, you get back to the same vector, but the corresponding spinor [itex]\psi[/itex] changes sign. This can be seen easily from the above relationship if you choose the z-axis. Then rotating corresponds to changing [itex]\phi[/itex], so if you rotate by [itex]2 \pi[/itex], that means changing the phase of [itex]a[/itex] by [itex]e^{-i (2\pi)/2} = -1[/itex] and changing the phase of [itex]b[/itex] by [itex]e^{+i (2\pi)/2} = -1[/itex]
So as far as how a two-component spinor can represent arbitrary directions in 3-D space, it sort of makes sense: They both are characterized (up to a normalization and overall phase) by the pair of real numbers [itex]\theta[/itex] and [itex]\phi[/itex].