During manufacturing of components using wire arc additive manufacturing, specific cooling times are required to prevent overheating of the structure and geometrical distortions. Currently, these cooling times are inserted based on experience at certain interlayer temperatures — which reduces the reproducibility, leads to unwanted component properties, and increases the process time. In this contribution, instationary thermal finite element simulations are applied to compute the temperature evolution of additively manufactured components using the inactive element method. This allows to optimize the process parameters, which are — in our considerations here — the welding velocity and the cooling time of each layer, to reduce the total process time while achieving sufficient component properties. The optimization is carried out with the gradient-free Nelder–Mead simplex algorithm, where certain constraints of the process parameters are considered via penalty functions. To obtain reasonable simulation results, the temperature-dependent heat transfer of the experimental setup is modeled and calibrated with experimental data beforehand. It becomes apparent that thermal finite element simulations combined with a gradient-free optimization procedure are a suitable numerical tool to perform the optimization of process parameters for wire arc additive manufacturing. The optimized process parameters fulfill certain requirements regarding the cooling of the manufactured component. Moreover, the optimized parameters can significantly reduce the process time compared to manually chosen parameters. In our example, this is around 48 %.