Microphotoluminescence (mu-PL) experiment has been performed on a structure with InGaAs/GaAs epitaxial quantum rods (quantum dots with the aspect ratio as high as 4.1) grown by depositing short-period InAs/GaAs superlattice by molecular beam epitaxy on GaAs substrate. The exciton and biexciton emission from a single quantum rod has been detected via the excitation power dependence of the mu-PL spectra. The origin of the single rod lines has been confirmed by a rate equation model. For a number of quantum rods within the investigated ensemble, the biexciton binding energy has been determined to be in the range of 1.0-2.2 meV. (c) 2008 American Institute of Physics.