Electrical discharge machining (EDM) has recently been shown to be one of the most successful unconventional machining methods for meeting the requirements of today’s manufacturing sector by producing complicated curved geometries in a broad variety of contemporary engineering materials. The machining efficiency of an EDM process during hexagonal hole formation on pearlitic Spheroidal Graphite (SG) iron 450/12 grade material was examined in this study utilizing peak current (I), pulse-on time (Ton), and inter-electrode gap (IEG) as input parameters. The responses, on the other hand, were the material removal rate (MRR) and overcut. During the experimental trials, the peak current ranged from 32 to 44 A, the pulse-on duration ranged from 30–120 s, and the inter-electrode gap ranged from 0.011 to 0.014 mm. Grey relational analysis (GRA) was interwoven with a fuzzy logic method to optimize the multi-objective technique that was explored in this EDM process. The effect of changing EDM process parameter values on responses was further investigated and statistically analyzed. Additionally, a response graph and response table were produced to determine the best parametric setting based on the calculated grey-fuzzy reasoning grade (GFRG). Furthermore, predictor regression models for response characteristics and GFRG were constructed, and a confirmation test was performed using randomly chosen input parameters to validate the generated models.