The multi-angle polarimetric satellite observations are helpful for improving the retrievals of aerosol parameters. However, practical applications of polarization technology are still limited because of complexity of measurement and interpretation of polarimetric observations. In this study, we analyze the performance of a new component approach developed in the frame of the Generalized Retrieval of Atmosphere and Surface Properties (GRASP) algorithm. In addition to aerosol optical properties including particle size distribution, non-sphericity and index of refraction that are commonly derived from multi-angle radiance and polarization measurements, the GRASP/Component approach also provides some information about aerosol composition. Specifically, in this approach aerosol is modeled as an internal mixture of several components with distinctly different chemical compositions and known refractive indices. The approach is intended not only to provide additional insight on aerosol composition but also to improve retrieval of basic aerosol optical properties. This study presents comprehensive validation and evaluation of Aerosol Optical Depth (AOD), Ångström exponent (AE), fine mode AOD (AODF), coarse mode AOD (AODC), and single scattering albedo (SSA) as retrieved by the GRASP/Component approach. The GRASP/Component products include aerosol retrievals using two different aerosol component mixing rules, i.e., Maxwell-Garnett (MG) effective medium approximation and a simple Volume-Weighted averaging (VW). The differences between the results obtained using these two assumptions are also discussed. The obtained results show that the aerosol optical property products of GRASP/Component approach have good agreement with the ground-based AERONET measurements, which is comparable to other PARASOL/GRASP approaches. Specifically, the AOD retrieved by GRASP/Component approach show high correlation and nearly no bias both over land and ocean, as compared with AERONET. The more detailed aerosol properties such as AE, AODF, AODC and SSA also show one of the best comparisons with AERONET. These improvements can probably be attributed to the use of the additional physical constraints on spectral dependence of the complex refractive index and the reduction of total number of aerosol parameters directly retrieved in the GRASP/Component approach. In addition, the choice of mixing rules had no significant effect on optical retrievals. With the exception of SSA, the results obtained based on the MG mixing rule were found to be slightly better over those obtained using VW mixing rule, especially for bias.