In this paper, a methodology for determination of the optimal value of protection design parameters, i.e. tower footing resistance, insulation strength, and surge arresters’ rating in the planning stage of transmission lines (TLs) is presented. This method calculates the shielding failure flashover rate (SFFOR) of TLs, based on Electro-geometric model (EGM) of TLs, and the back flashover rate (BFR) of TLs, based on the Monte Carlo method, in which the accuracy of the proposed methodology has been verified by comparing the resultant results with those obtained with the use of the IEEE FLASH program. The proposed method can be directly used to achieve the minimum lightning flashover rate (LFOR) of TLs by the minimum investment cost. Also, it can be used, indirectly, for determination of the appropriate value of the footing resistance, insulation strength and arresters’ rating to satisfy any target number of LFOR that might be specified by the utilities or standards.