Reservoir computing (RC) is a simplified recurrent neural network and can be implemented by using a nonlinear system with delay feedback, thus it is called delay-based RC. Various nonlinear nodes and feedback loop structures have been proposed. Most of existing researches are based on the dynamical responses in intensity of the nonlinear systems. There are also a photoelectric RC system based on wavelength dynamics and an all-optical RC based on the phase dynamics of a semiconductor laser with optical feedback, as well as so-called polarization dynamics of a vertical cavity surface emitting laser (VCSEL). However, these VCSEL-RCs actually are based on the intensity dynamics of two mutually orthogonal polarization modes, or polarization-resolved intensity dynamics. The RC based on rich dynamical responses in polarization has not yet been found. A semiconductor optical amplifier (SOA) fiber ring laser can produce rich dynamical states in polarization, and is used in optical chaotic secure communication and distributed optical fiber sensing. To further expand the application of polarization dynamics of the SOA fiber ring laser and open up a new direction for the research of optical RC neural network, an all-optical RC system based on polarization dynamics of the ring laser is proposed. The ring laser is used as the reservoir, and the SOA as the nonlinear node. After the input signal is masked according to a synchronization scheme, it is injected into the reservoir by intensity modulation for a continuous wave generated by a superluminescent light emitting diode (SLED). The dynamical response in polarization of the ring laser is detected by a polarizer and a photodetector. The influences of the SOA operation current, output power of the SLED and attenuation of a variable optical attenuator (VOA) in the fiber loop on the polarization dynamic characteristic (mainly referring to the output degree of polarization) of the laser are analyzed experimentally. The fading memory and nonlinear response of the RC system based on the polarization dynamic response and intensity dynamic response are compared experimentally. The influences of output power of the SLED and attenuation of the VOA on fading memory, consistency and separation of the RC system based on the two kinds of dynamic responses are investigated experimentally. Thus the range of the VOA attenuation is determined. The network performance of the polarization dynamics RC system is evaluated by processing a Santa Fe time series prediction task and a multi-waveform recognition task. The normalized mean square error can be as low as 0.0058 for the time series prediction task, and the identification rate can be as high as 100% for the recognition task under the appropriate system parameters and only 30 virtual nodes. The experimental results show that the polarization dynamics RC system has good prediction performance and classification capability, which are comparable to the existing RC system based on intensity dynamics of the ring laser. The system can be expected to process two tasks in parallel when the polarization dynamics and intensity dynamics are used at the same time.