Ramps provide entrances and exits for residents to conveniently use the freeway service. Due to the high construction cost and geometric design requirements, the decision of ramp locations involves a trade-off between multiple influencing factors, such as accessibility, safety, efficiency, construction costs, etc. This study proposed a methodology for optimizing freeway ramp placement in an effort to improve freeway accessibility. The freeway ramp locating problem was formulated as a bi-objective optimization model. Two objectives were pertinent to the reduction of total social costs: the minimization of total travel cost and minimization of total construction cost. To reflect the safety concern of ramp locations, the frequency of lane changes around the ramps and the minimum spacing between ramps were constrained. We developed an exact solution method based upon dynamic programming to solve the proposed model. Finally, a case study of the Beijing–Hong Kong–Macau Expressway within Henan Province, China, was conducted to verify the effectiveness of the proposed model and solution method.