We report the analysis of deep radio observations of the interacting galaxy system M51 from the Very Large Array, with the goal of understanding the nature of the population of compact radio sources in nearby spiral galaxies. We detect 107 compact radio sources, 64% of which have optical counterparts in a deep H{alpha} Hubble Space Telescope image. Thirteen of the radio sources have X-ray counterparts from a Chandra observation of M51. We find that six of the associated H{alpha} sources are young supernova remnants (SNRs) with resolved shells. Most of the SNRs exhibit steep radio continuum spectral indices consistent with synchrotron emission. We detect emission from the Type Ic SN 1994I nearly a decade after explosion: the emission (160+/-22uJy/beam at 20cm, 46+/-11uJy/beam at 6cm, {alpha}=-1.02+/-0.28) is consistent with light-curve models for Type Ib/Ic supernovae. We detect X-ray emission from the supernova; however, no optical counterpart is present. We report on the analysis of the Seyfert 2 nucleus in this galaxy, including the evidence for bipolar outflows from the central black hole.