Elastic full-waveform inversion (EFWI) of multicomponent seismic data is a powerful tool for estimating the subsurface elastic parameters with high accuracy. However, the trade-offs between multiple parameters increase the nonlinearity of EFWI. Although the conventional diagonal-approximate Hessian matrix describes the illumination and limited bandwidth effects, it ignores the trade-off effects and decreases the convergence rate of EFWI. We have developed a block-diagonal pseudo-Hessian operator for 2D frequency-domain EFWI to take into account the approximate trade-offs among the P-wave (compressional-wave) velocity, S-wave (shear-wave) velocity, and density without extra computational costs on forward simulations. The Hessian matrix tends toward a block-diagonal matrix as the frequency grows to infinity; thus, the proposed block-diagonal pseudo-Hessian matrix is more accurate at higher frequencies. The inverse of the block-diagonal pseudo-Hessian matrix is used as a preconditioner for the nonlinear conjugate-gradient method to simultaneously reconstruct P- and S-wave velocities and density. This approach effectively mitigates the crosstalk artifacts by correcting the gradients from the trade-off effects and produces more rapid inversion convergence, which becomes more significant at higher frequencies. Synthetic experiments on an inclusion model and the elastic Marmousi2 model demonstrate its feasibility and validity in EFWI.