The present invention discloses systems and methods of conducting multi-objective evolutionary algorithm (MOEA) based engineering design optimization of a product (e.g., automobile, cellular phone, etc.). Particularly, the present invention discloses an archive configured for monitoring the progress and characterizing the performance of the MOEA based optimization. Further, an optimization performance indicator is created using the archive's update history. The optimization performance indicator is used as a metric of the current state of the optimization. Finally, a stopping or termination criterion for the MOEA based optimization is determined using a measurement derived from the optimization performance indicators. For example, a confirmation of a “knee” formation has developed in the optimization performance indicators. The optimization performance indicators include, but are not limited to, consolidation ratio, improvement ratio, hypervolume.