The space-based gravitational-wave observatory LISA, a NASA-ESA mission to be launched after 2012, will achieve its optimal sensitivity using Time Delay Interferometry (TDI), a LISA-specific technique needed to cancel the otherwise overwhelming laser noise in the inter-spacecraft phase measurements. The TDI observables of the Michelson and Sagnac types have been interpreted physically as the virtual measurements of a synthesized interferometer. In this paper, I present Geometric TDI, a new and intuitive approach to extend this interpretation to all TDI observables. Unlike the standard algebraic formalism, Geometric TDI provides a combinatorial algorithm to explore exhaustively the space of second-generation TDI observables (i.e., those that cancel laser noise in LISA-like interferometers with time-dependent armlengths). Using this algorithm, I survey the space of second-generation TDI observables of length (i.e., number of component phase measurements) up to 24, and I identify alternative, improved forms of the standard second-generation TDI observables. The alternative forms have improved high-frequency gravitational-wave sensitivity in realistic noise conditions (because they have fewer nulls in the gravitational-wave and noise response functions), and are less susceptible to instrumental gaps and glitches (because their component phase measurements span shorter time periods).

18 pages REVTeX4, 6 EPS figures, revised PRD version. Related materials can be found at http://www.vallis.org/tdi