Porous asphalt is a type of mixture characterized by having high air void percentages that offers multiple benefits when used in wearing courses in terms of driving safety, water flow management, and noise reduction. However, the durability of porous asphalt (PA) mixtures is significantly shorter when compared to dense-graded asphalt mixtures. This study investigated the impact of polyolefin–aramid fibers and hydrated lime in the functional and mechanical performance of porous asphalt mixtures. A parametric study based on the concept of design of experiments was carried out through the Taguchi methodology. Accordingly, an experimental design was conducted based on the L18 full factorial orthogonal array. Three control factors—fiber content, binder content, and filler type—were included at various levels, and multiple responses including total air voids, interconnected air voids, particle loss in dry conditions, particle loss in wet conditions, and binder drainage were assessed experimentally. Signal-to-noise ratios were calculated to determine the optimal solution levels for each control factor for the multiple responses. In the second phase of the research, multi-criteria decision-making techniques—namely, criteria importance through inter-criteria correlation and weighted aggregated sum product assessment—were used to transform the multiple-response optimization problem into a single-unique optimization problem and to elaborate a preference ranking among all the mixture designs. The most significant levels for acquiring the optimum overall response value were found to be 0.05% for fiber content and 5.00% for binder content and mixed filler with hydrated lime.