Circular polarization (CP) antennas are vital components of modern communication systems. Their design involves handling several requirements such as low reflection and axial ratio (AR) within the frequency range of interest. Small size is an important criterion for antenna mobility which is normally achieved as a by‐product of performance‐oriented modifications of the structure topology. In this work, multiobjective optimization is used in order to identify and analyze design trade‐offs for miniaturized CP antenna including the antenna capability for maintaining small size while retaining acceptable levels of other performance figures. We use a population‐based metaheuristic algorithm to obtain a set of designs which represent the best attainable compromise between the imposed requirements. To maintain a low optimization cost, the algorithm is executed on a cheap approximation model and the results are further corrected to bring them to the EM model accuracy level. Here, the analysis is carried out for a planar CP antenna. Achievable size reduction of the considered structure—while maintaining acceptable performance—is around 11%. Antenna performance in terms of in‐band reflection and AR varies from −14 to −10 dB and from 1.3 to 3 dB, respectively. The numerical results are validated by measurements of fabricated antenna prototypes.