Guided waves (GW) allow fast inspection of a large area and hence have received great interest from the structural health monitoring (SHM) community. Fiber Bragg grating (FBG) sensors offer several advantages but their use has been limited for the GW sensing due to its limited sensitivity. FBG sensors in the edge-filtering configuration have overcome this issue with sensitivity and there is a renewed interest in their use. Unfortunately, the FBG sensors and the equipment needed for interrogation is quite expensive, and hence their number is restricted. In the previous work by the authors, the number and location of the actuators was optimized for developing a SHM system with a single sensor and multiple actuators. But through the use of the phenomenon of acoustic coupling, multiple locations on the structure may be interrogated with a single FBG sensor. As a result, a sensor network with multiple sensing locations and a few actuators is feasible and cost effective. This paper develops a two-step methodology for the optimization of an actuator–sensor network harnessing the acoustic coupling ability of FBG sensors. In the first stage, the actuator–sensor network is optimized based on the application demands (coverage with at least three actuator–sensor pairs) and the cost of the instrumentation. In the second stage, an acoustic coupler network is designed to ensure high-fidelity measurements with minimal interference from other bond locations (overlap of measurements) as well as interference from features in the acoustically coupled circuit (fiber end, coupler, etc.). The non-sorting genetic algorithm (NSGA-II) is implemented for finding the optimal solution for both problems. The analytical implementation of the cost function is validated experimentally. The results show that the optimization does indeed have the potential to improve the quality of SHM while reducing the instrumentation costs significantly.