Strain tuning of polarization states and dielectric properties in (001) epitaxial (Pb, Sr)TiO3 (PST) films is investigated using a thermodynamic phenomenological model. We find that our calculations of anisotropic dielectric properties and their electric field tunability at various in-plane strained states are in good agreement with relevant experimental data for epitaxial Pb0.35Sr0.65TiO3 films when material constants are properly determined. Our modeling further suggests that dielectric tunability can be optimized by combined control of epitaxial strain and PST composition.