What is the critical approach that analyzes and critiques an artwork based on the compositional arrangement of its elements?

Formalism

Explanation:

Art criticism basically involves making judgements of an artwork based on "some criteria" such as form or critical interpretation of meaning.

Formalism as a form of art criticism has to do with critical analysis of an artwork and judgments about this artwork based on its form and its visual components as opposed to what it aims to describe (narrative content) or how it relates to this.