A versatile approach for synthesizing non-stationary multicomponent ground motions compatible with a given target response spectrum is presented. In conjunction with performance-based structural design, the proposed approach combines a scenario-based procedure to select the target spectra of the three components of the motion, and a stochastic scheme, with an iterative wavelet-based method to generate the artificial time histories. In this context, the selection of an appropriate target spectrum is mandatory to synthesizing accelerograms with proper frequency content, input-energy, effective duration, and inelastic demand. In the scenario-based assessments, the target spectrum is derived directly from an earthquake scenario defined by seismic hazard disaggregation and strong ground-motion attenuation relationships. Firstly, the design spectrum specified by aseismic code provisions is replaced by a set of conditional mean spectra (CMS) for each of the ground motion components. Subsequently, an inverse stochastic dynamics problem, defined by a set of parametric evolutionary power spectra (EPS), is formulated and solved in a point-wise format for each CMS and for the three components of the motion. To improve the matching between the response spectrum of the simulated records and the CMS, an iterative procedure involving the family of harmonic wavelets is then employed. Post-processing for a proper baseline correction of the records is performed to synthesize ground-motions yielding realistic velocity and displacement traces. To illustrate the effectiveness of the approach, extensive numerical results pertaining to the Italian aseismic code provisions are included in this paper. In this regard, Monte Carlo simulations are undertaken to relate the CMSs to the evolutionary power spectrum. In particular, non-constant peak factor expressions via regression analysis are derived for various ground-motion durations. Finally, the nonlinear responses of elasto-plastic SDOF oscillators with different values of the yield strength reduction factor are considered. The oscillators subjected to artificially generated records and a set of natural unscaled and spectrum-compatible accelerograms, are examined in terms of ductility demand and equivalent number of yield cycles.