Water injection is investigated for turbocharged spark-ignition engines to reduce knock probability and enable higher engine efficiency. The novel approach of this work is the development of a simulation-based optimization process combining the advantages of detailed chemistry, the stochastic reactor model and genetic optimization to assess water injection. The fast running quasi-dimensional stochastic reactor model with tabulated chemistry accounts for water effects on laminar flame speed and combustion chemistry. The stochastic reactor model is coupled with the Non-dominated Sorting Genetic Algorithm to find an optimum set of operating conditions for high engine efficiency. Subsequently, the feasibility of the simulation-based optimization process is tested for a three-dimensional computational fluid dynamic numerical test case. The newly proposed optimization method predicts a trade-off between fuel efficiency and low knock probability, which highlights the present target conflict for spark-ignition engine development. Overall, the optimization shows that water injection is beneficial to decrease fuel consumption and knock probability at the same time. The application of the fast running quasi-dimensional stochastic reactor model allows to run large optimization problems with low computational costs. The incorporation with the Non-dominated Sorting Genetic Algorithm shows a well-performing multi-objective optimization and an optimized set of engine operating parameters with water injection and high compression ratio is found.