Understanding user satisfaction with conversational systems, known as User Satisfaction Estimation (USE), is essential for assessing dialogue quality and enhancing user experiences. However, existing methods for USE face challenges due to limited understanding of underlying reasons for user dissatisfaction and the high costs of annotating user intentions. To address these challenges, we propose PRAISE (Plan and Retrieval Alignment for Interpretable Satisfaction Estimation), an interpretable framework for effective user satisfaction prediction. PRAISE operates through three key modules. The Strategy Planner develops strategies, which are natural language criteria for classifying user satisfaction. The Feature Retriever then incorporates knowledge on user satisfaction from Large Language Models (LLMs) and retrieves relevance features from utterances. Finally, the Score Analyzer evaluates strategy predictions and classifies user satisfaction. Experimental results demonstrate that PRAISE achieves state-of-the-art performance on three benchmarks for the USE task. Beyond its superior performance, PRAISE offers additional benefits. It enhances interpretability by providing instance-level explanations through effective alignment of utterances with strategies. Moreover, PRAISE operates more efficiently than existing approaches by eliminating the need for LLMs during the inference phase.