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PBR is a special kind of static routing that can use more information than just a packet's destination address. For example, if might route telnet traffic along one path and FTP along a different path, and/or it might send traffic from one network along one path and from another network, along another path. Basically, you have policies for how to route different kinds of traffic.
WAN Optimization is a general catch-all term for things done to improve network performance across a WAN, where latency and/or bandwidth are generally limitations compared with most LANs.
Often, WAN Optimization includes some sort of compression and/or caching, but other techniques might be used, some manipulating parts of the sender's/receiver's protocol. Often, special devices are deployed.
Two terms you'll often see when discussing WAN Optimization are WAAS and/or WAFS.
