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A Test Policy document is a very high level company wide document and is written at the executive level. It'll consider the overall approach, culture and standards of the organization, and will outline the corporate view of testing practices and is often written by the IT department.
A Test Strategy document describes how the testing should be done - how to implement the Test Policy. It will show what testing needs to achieve in order to reduce or even remove generic risks. It's a reusable set of testing guidelines and is usually not project specific.
The main difference between these two documents is their level of detail. The Policy is the 'what' and the Strategy is the 'how'.
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