The acoustic approximation for anisotropic media is widely used in current industry imaging and inversion algorithms mainly because P-waves constitute the majority of the energy recorded in seismic exploration. The resulting acoustic formulas tend to be simpler, resulting in more efficient implementations, and depend on fewer medium parameters. However, conventional solutions of the acoustic wave equation with higher-order derivatives suffer from shear wave artifacts. Thus, we derive a new acoustic wave equation for wave propagation in transversely isotropic (TI) media, which is based on a partially separable approximation of the dispersion relation for TI media and free of shear wave artifacts. Even though our resulting equation is not a partial differential equation, it is still a linear equation. Thus, we propose to implement this equation efficiently by combining the finite difference approximation with spectral evaluation of the space-independent parts. The resulting algorithm provides solutions without the constrain of ε ≥ δ. Numerical tests demonstrate the effectiveness of the approach.