A method for optimizing one or more farm-level metrics in a wind farm is presented. The method includes identifying an optimization objective and one or more decision variables for optimization. Furthermore, the method includes optimizing the optimization objective based on wake-affected wind conditions, power capture values, or damage equivalent load values, to calculate optimum decision variable values for each wind turbine. The method also includes transmitting the optimum decision variable values to the respective wind turbines. In addition, the method includes applying the optimum decision variable values to the respective wind turbines to achieve the optimization objective. Systems and non-transitory computer readable medium configured to perform the method for optimizing one or more farm-level metrics in a wind farm are also presented.