In this article, we present a link budget analysis for Global Navigation Satellite System (GNSS) signals scattered off the sea surface in arbitrary acquisition geometries. The aim of our study is to investigate the reliability of the Geometrical Optics (GO) scattering model, which accurately describes sea surface scattering at and near the specular reflection direction, in properly modeling the sea surface return in far-from-specular acquisition geometries, which are of interest for maritime surveillance purposes and where GO is expected to fail. To this end, we adopted the recent Bistatic Anisotropic Polarimetric Two-Scale Model (BA-PTSM), which revealed good agreement with advanced scattering models, such as the second-order Small Slope Approximation (SSA2), regardless of the acquisition geometry, with the advantage of a reduced computational complexity. Numerical results have been derived for both circular polarization channels and for both spaceborne and airborne GNSS-Reflectometry (GNSS-R). It has been shown that, as long as conventional GNSS-R processing is assumed, GO can be safely adopted for simulation and analysis of spaceborne GNSS-R data regardless of the acquisition geometry and sea state, whereas more accurate scattering models, e.g., BA-PTSM, should be used for airborne receivers in far-from-specular configurations.