In a pressurized water conveyance system, such as a hydropower system, during hydraulic transients, maximum and minimum pressures at various controlling sections are of prime concern for designing a safe and efficient surge tank. Similarly, quick damping of surge waves is also very helpful for the sound functioning of the hydro-mechanical system. Several parameters like diameter of the surge tank, diameter of the orifice, operating discharge, working head, etc., influence the maximum/minimum surge, damping of surge waves in the surge tank, and the difference of maximum pressure head at the bottom tunnel and maximum water level in the surge tank. These transient behaviors are highly conflicting in nature, especially for different diameters of orifices (DO) and diameters of surge tanks (DS). Hence, a proper optimization method is necessary to investigate the best values of DO and DS to enhance the safety and efficiency of the surge tank. In this paper, these variables are accurately determined through numerical analysis of the system by the Method of Characteristics (MOC). Furthermore, the influence on the transient behavior with changing DO and DS is investigated and finally, optimum values of DO and DS are determined using Particle Swarm Optimization (PSO) to minimize the effects of hydraulic transients on the system without compromising the stability and efficiency of the surge tank. The obtained results show significant improvements over the contemporary methods of finding DO and DS for surge tank design.