Wearable electronics and sensors are increasingly popular for personal health monitoring, including smart shirts containing electrocardiography (ECG) electrodes. Optimal electrode performance requires careful selection of the electrode position. On top of the electrophysiological aspects, practical aspects must be considered due to the dynamic recording environment. We propose a new method to obtain optimal electrode placement by considering multiple dimensions. The electrophysiological aspects were represented by P-, R-, and T-peak of ECG waveform, while the shirt-skin gap, shirt movement, and regional sweat rate represented the practical aspects. This study employed a secondary data set and simulations for the electrophysiological and practical aspects, respectively. Typically, there is no ideal solution that maximizes satisfaction degrees of multiple electrophysiological and practical aspects simultaneously; a compromise is the most appropriate approach. Instead of combining both aspects-which are independent of each other-into a single-objective optimization, we used multi-objective optimization to obtain a Pareto set, which contains predominant solutions. These solutions may facilitate the decision-makers to decide the preferred electrode locations based on application-specific criteria. Our proposed approach may aid manufacturers in making decisions regarding the placement of electrodes within smart shirts.