This study investigates the use of network reconfiguration as a cost-effective method to optimize power system performance through the minimization of fault currents and power losses. In single-objective optimizations, the study targets the reduction of the average fault current of the buses and the power losses individually. Additionally, a multi-objective optimization study is conducted to address both parameters simultaneously. Optimization scenarios are applied on 33-bus test system through Walrus Optimizer. The results demonstrate that reconfiguration can significantly reduce power losses and fault currents, compared to the base configuration of the test system, which had a power loss of 202.60 kW and an average fault current of 2.60 p.u. Single-objective optimizations reduced power losses to 139.551 kW and minimized average fault current to 2.13 p.u. Furthermore, the multi-objective optimization provided a range of Pareto optimal solutions, examining both criteria and highlighting the flexibility of reconfiguration in adapting to power system needs.