I am given the equation:
$$x^5 + a^2 x^4 + 1 = 0$$
with $a \in \mathbb{R}$. I have to find the set of values of $a$ such that $2$ of the roots of the equation have negative imaginary part.
If we use the notation:
$$f(x) = x^5 + a^2 x^4 + 1$$
I know that since $a \in \mathbb{R}$ we have that $f \in \mathbb{R}[X]$ and so, if a complex number $z \in \mathbb{C}$ is a root of the equation, then its conjugate, $\overline{z}$ is also a root of the equation. So the statement of the problem is equivalent to asking for the equation to have $4$ complex roots in total, since we would have $2$ with negative imaginary part and another $2$ complex roots (the conjugates of the first $2$) with positive imaginary part. I think my reasoning is correct, however I don't know how to use this knowledge to find the set of values of $a$ such that the requirements of the problem are satisfied.

You have made a good start. Now you can note that having four complex roots means there is only one real root and the fact that the polynomial is of odd degree guarantees that there is at least one. You can use Decartes' rule of signs to show there is one negative root and no positive root for any value of $a$.