The demand for sustainable, eco-friendly and economically viable road construction methods has spurred researchers to explore the integration of Reclaimed Asphalt Pavement (RAP)-derived aggregates and warm mix additives into Stone Matrix Asphalt (SMA) mixtures. In pursuit of this goal, this study seeks to pinpoint the optimal material composition for SMA by incorporating RAP and warm mix additives. Diverse SMA mixes were prepared as per MS-2 manual series with PMB 70, 13.2 mm Nominal Maximum Aggregate Size, varying proportions of RAP (20–40%), warm mix additives (2–5%) and waste cooking oil (WCO) as rejuvenating agent. Laboratory tests viz. Saturates-Aromatics-Resins-Asphaltenes (SARA) Analysis, Marshall parameters, Indirect Tensile Strength, Moisture Susceptibility, Resilient Modulus and Rutting Resistance were performed. Grey relational analysis was employed to establish correlations between performance parameters and prioritize them accordingly. Heat maps were generated using the Python Jupiter platform for better visualization of results. The laboratory evaluations revealed that SMA mixtures formulated with 3% Sasobit in Polymer-Modified Bitumen (PMB) and 30% RAP along with 6% WCO exhibited exceptional performance across all test parameters. Grey relational grades provided coefficients for the test parameters, facilitating the ranking of potential mixtures based on overall performance and aiding in the selection of the most suitable mix designs. The results underscored the effectiveness of warm mix additives and the synergistic benefits of RAP in enhancing the performance properties of SMA mixtures. The current study supports up the idea of using WMA technology in combination with 6%WCO and 30% RAP in SMA mixtures produced with PMB. These findings offer valuable insights for the development and selection of SMA mixtures that promote enhanced efficacy and sustainable road construction practices.