Strain and quantum size effects on the optical matrix elements for both TE and TM polarizations of strained quantum wells are studied theoretically including the spin‐orbit coupling. A set of universal curves for the polarization dependent optical matrix elements as a function of strain is shown. These curves will be very helpful for a quick estimate of the optical matrix elements including the effects of the spin–orbit splitoff band for modeling the optical gain and absorption using strained quantum wells. ©1995 American Institute of Physics.