As computational fluid dynamics has matured to the point where it is widely accepted as a key tool for ship hull form design, development of simulation-based design (SBD) has been strongly motivated in the past decades. Although many successful demonstrations of SBD were presented, most cases just deal with minimization of total resistance with a formulation of single-objective optimization problem. Once the interest is in minimization of ship-scale delivered power or effective power, issue related to accuracy of the simulation appears critical in many cases, which yield unconvincing results to hull form designers. The method we propose in this paper aims at overcoming the issues. Instead of just counting on predicted power from the simulation and solve a single-objective optimization problem, we first introduce variable decomposition approach to decompose a target ship performance function into terms including embedded parameters, then formulate and solve a multi-objective optimization problem (MOOP). Any scheme to solve MOOP can be applied. In the following, an overview of the present approach is given and results are presented and discussed through comparison with available experimental fluid dynamics data and detailed analysis of flow and integral parameters. The effectiveness of the present approach is also discussed.