The potential of quantifying the variations in IR active bands was explored while using the chemometric analysis of FTIR spectra for selecting orthopedic biomaterial of industrial scale i.e., ultra-high molecular weight PE (UHMWPE). The nano composites UHMWPE with multi-walled carbon nano-tubes (MWCNTs) and Mg-silicate were prepared and irradiated with 25 kGy and 50 kGy of gamma dose. Principal component analysis (PCA) revealed that first three principal components (PCs) are responsible for explaining the >99% of variance in FTIR data of UHMWPE on addition of fillers and/or irradiation. The factor loadings plots revealed that PC-1 was responsible for explaining the variance in polyethylene characteristics bands and the IR active region induced by fillers i.e., 440 cm−1, 456 cm−1, from 900–1200 cm−1, 1210 cm−1, 1596 cm−1, PC-2 was responsible for explaining the variance in spectra due to radiation-induced oxidation and cross linking, while the PC-3 is responsible for explaining the variance induced because of IR active bands of MWCNTs. Hierarchy cluster analysis (HCA) was employed to classify the samples into four clusters with respect to similarity in their IR active bands which is further confirmed by PCA. According to multi attribute analysis with PCA and HCA, 65 kGy irradiated sample is optimum choice from the existing alternatives in the group of irradiated pristine UHMWPE, UHMWPE/Mg-silicate irradiated with 25 kGy of gamma dose was the optimum choice for UHWMPE/Mg-silicate nano composites, and UHMWPE/γMWCNTs composites containing 1.0% dof γ MWCNTs for UHMWPE/MWCNTs nanocomposites, respectively. The results show the effectiveness of quantifying the variance for decision as far as optimization of biomaterials in orthopedic industrial applications is concerned.