This paper investigates optimized design of Electro Discharge Machining process parameters on HCHCr i.e. DIN 17350-1.2080 Die steel. This process is one of the most widely applied non-traditional machining processes. To determine the optimal EDM conditions in several industrial fields. Taguchi method has been utilized to optimize only a single performance characteristic. To overcome this limitation, the Grey Relational Analysis theory has been used to determine grey relational grade as performance index to determine the optimal combination of the parameters such as peak current (I), pulse duration (Ton), voltage (V) to evaluate multiple performance characteristic such as metal removal rate and surface roughness simultaneously. Moreover, the Principal Component Analysis is applied to evaluate the weighting values corresponding to metal removal rate and surface roughness performance characteristics so that their relative importance can be properly defined. The analysis reveal that Grey Relational Analysis coupled with Principal Component Analysis can effectively be used to obtain the optimal combination of EDM process parameters. The obtained optimal machining conditions were Peak current at 15A, pulse on time at 250μs, Voltage at 85V. It is also observed that magnetic field in spark zone have improved metal removed rate and surface finish.