In this present study, SiC, B4C and waste porcelain reinforced AA7075 alloy composites are fabricated by adopting stir casting approach. Twelve formulations based on different weight percentages of reinforcers (3 wt.%, 4.5 wt.%, 6wt.% and 7.5 wt.%.) were manufactured and afterward analysed in terms of physical, mechanical, corrosion and tribological performances. The reinforcers of less than 53 µm size were consistently blended in molten AA7075 accompanied by stirring process. To identify the best suitable formulation the density, hardness, tensile strength, compressive strength, flexural strength, friction coefficient, wear and corrosion rate were fixed as selection criteria. The composite containing 7.5 wt.% B4C (ASBP-8) exhibited the highest mechanical strength (Hardness=162 Hv; Tensile strength= 298 MPa; Compressive strength= 221 MPa; and Flexural strength= 267 MPa), whereas wear performance (at 40N load and 1300 m SD= 0.00261 grams; and at 5.026 m/sec SV and 1300m SD= 0.0231 grams) and coefficient of friction (at 40N load and 1300 m SD= 0.536 grams; and at 5.026 m/sec SV and 1300m SD= 0.47 grams) remain the lowest for 6 wt.% porcelain (ASBP-11) based composites.The density and corrosion rate remains lowest for the composite containing 7.5 wt.% porcelain (ASBP-12).Since no single composite(ASBP-1 to ASBP-12) could merely satisfy all the desired characteristics; to this end, this study applied a novel hybrid AHP/CRITIC-COPRAS method for the selection of optimal alternative material for automotive components. The weight of each material evaluated was determined by establishing a criterion of importance by applying intercriteria correlation (CRITIC) and analytic hierarchy process (AHP) methods. The alternative ranking was evaluated using the complex proportional assessment (COPRAS) method. The evaluation indicated that the AA7075 containing 7.5wt.% porcelain (ASBP-12) composite possesses the best material solution to be used in automotive applications.