Punch optimization is important in improving the technological process of belt perforation. Research about this process can rarely be found in the scientific literature. The objective of this paper is to determine the effective geometry of the piercing punches with a spherical bowl used for polymer composite belts. In order to fulfill this goal, the complex research of the influence of the geometrical features of the piercing punch on the perforation force, the hole quality, and the tool life has been conducted. For derivation of the proposed model, the authors have used the combination of analytical and FEM analyses, along with the experimental tests validation. Based on the results, there are clear correlations between the depth of the spherical bowl punch and the perforation force or the hole diameter deviation. By analyzing the ratio of the perforation and transverse force, we are able to evaluate how the tool life will change for different sets of geometrical parameters. All these correlations have been used to derive the indicators of the perforation force, tool life, and hole quality. Based on those, the optimization function has been specified. Finding the minimum value of this function makes it possible to define the optimal tool geometry. The design of effective tools for belt perforation with diameters D = 5, 6, 8, and 10 mm has been presented, but the obtained characteristic makes it possible to find an optimal solution for any diameter which lays in the range from 3 to 10 mm. Since the model has been built based on the indicators, it is easy to adjust it to match any specific requirements of the belt manufacturers, which makes it useful for tool designers.