I am new to Qt and developing with python. 
Would a python application developed using Qt framework and PyQt require the entire Qt framework to be installed on a user's machine in order to run a "exe" version of the application created with something like p2exe? Or would py2exe copy the required Qt framework components into the application that it creates?
I don't know what you mean by "frozen" but if your question is whether you can create an "exe" for a pyqt python script without installing python and pyqt on user machine then answer is yes. As with any other exe you don't need to install anything on user machine.
I have created a few application using pyqt and converted them to exe using pyinstaller-2.0 and it works fine on any machine. Same is true with py2exe.
Do Frozen PyQt applications need the Qt to be installed on client machines