Class‐based storage policy with optimized contour‐shaped class boundary can significantly improve storage system's performance. Surprisingly, this policy has not been explored in widely used multi‐aisle automated storage and retrieval systems (MA‐AS/RSs), which use one storage and retrieval machine to serve multiple aisles with the help of an aisle‐transfer technique. This paper investigates the two‐class‐based storage policy with contour‐shaped class boundary in MA‐AS/RSs that use a transfer car for aisle transfer. The aim is to optimize the system dimensions and class boundary by minimizing system's expected travel time. Based on the approximation of the MA‐AS/RS with a continuous cube and the proposed hierarchical procedure, analytical expected travel time expressions for systems with any dimensions and class boundary are calculated. In addition, based on several proved properties, closed‐form optimal system dimensions and class boundary are derived. Numerical results show the accuracy of our continuous cubic approximation is sufficient. By measuring the performance using the average of expected travel time over all tested systems with various dimensions, we find that (1) class‐based policy with our optimal class boundary can respectively improve the performance by at least 40%, 10%, and 50% compared to three previous policies in the case of 20/80 ABC curve; and (2) system with our optimal dimensions can improve the performance by about 20%–30%. Several managerial insights for warehouse practitioners are presented.