By means of a metal opto-acoustic transducer we generate quasi-longitudinal and quasi-transverse picosecond strain pulses in a (311)-GaAs substrate and monitor their propagation by picosecond acoustic interferometry. By probing at the sample side opposite to the transducer the signals related to the compressive and shear strain pulses can be separated in time. In addition to conventional monitoring of the reflected probe light intensity we monitor also the polarization rotation of the optical probe beam. This polarimetric technique results in improved sensitivity of detection and provides comprehensive information about the elasto-optical anisotropy. The experimental observations are in a good agreement with a theoretical analysis.