In this paper, we derive analytical expressions for the exact pairwise error probability (PEP) of a space-time coded system operating over spatially correlated fast (constant over the duration of a symbol) and slow (constant over the length of a code word) fading channels using a moment-generating function-based approach. We discuss two analytical techniques that can be used to evaluate the exact-PEPs (and therefore, approximate the average bit error probability (BEP)) in closed form. These analytical expressions are more realistic than previously published PEP expressions as they fully account for antenna spacing, antenna geometries (uniform linear array, uniform grid array, uniform circular array, etc.) and scattering models (uniform, Gaussian, Laplacian, Von-mises, etc.). Inclusion of spatial information in these expressions provides valuable insights into the physical factors determining the performance of a space-time code. Using these new PEP expressions, we investigate the effect of antenna spacing, antenna geometries and azimuth power distribution parameters (angle of arrival/departure and angular spread) on the performance of a four-state QPSK space-time trellis code proposed by Tarokh et al. for two transmit antennas.