A ps transient grating setup using white light continuum for probing is presented. Measurements on an aromatic molecule in solution have been carried out with this system. The diffracted spectrum is analyzed using Kogelnik’s coupled wave theory. At short time delay after excitation, the diffracted spectrum is strongly dominated by absorption and in this case transient grating spectroscopy is equivalent but more sensitive to transient absorption spectroscopy. If some of the excitation energy is dissipated as heat, the diffracted spectrum is essentially the same as the dispersion spectrum of the transient species at time delays approaching half the acoustic period. The performances of this technique and of transient absorption spectroscopy are compared.