This paper presents the process of developing an aerodynamics package and a suspension system for a Formula SAE race car, with the help of computational methods for the aerodynamics design and analytical methods for the suspension design. Aerodynamics package involving Front and Rear wings and a suspension system involving a strut activated damper with double wishbones is developed. Vehicle parameters such as wheelbase, track width, etc. and the geometry for the front and rear wings are specified by conducting a review of the SAE rule book. 2D CFD simulations are performed on a wide range of high lift low Reynolds number Airfoils at various geometric configurations to select an airfoil configuration with best performance characteristics. 3D models of front and rear wings are made from the data obtained from 2D simulations to conduct 3D simulations of the wings and the entire assembly of the car with and without the wings. A kinematic analysis is performed on the suspension system since it plays a very important role in the dynamics of the vehicle. Data obtained from the aero simulations and suspension analysis is analyzed in a lap time simulator to predict and compare the performance and lap times of the car with and without the aerodynamic package.