The short-circuit levels have increased considerably in transmission and distribution systems in the last years. Fault current limiter (FCL) devices are a potential solution to this problem. Among several FCL topologies, this group has good experience in the use of superconducting fault current limiters (SFCL) to reduce the electrical current during short-circuits. The literature also presents studies of the saturated iron core superconducting fault current limiter (SIC-SFCL) topology employing mathematical modeling and prototypes design. Some of them have shown promising results, including the construction of pilot prototypes in medium and high voltage substations. The SIC-SFCL simulation studies presented optimal topologies that reduce the amount of ferromagnetic material used in the core and represent well the behavior of this limiter. The finite element method and the finite element analysis are suitable to model the SIC-SFCL. However, a more detailed study focusing on the optimization of the DC bias superconducting coil of the SIC-SFCL has not been presented in the literature yet. In this context, this work proposes a multi-objective optimization method using the Nelder–Mead algorithm to find an optimal geometry for the superconducting coil. In this optimization, the objectives functions are: to maximize the critical current density in the high-temperature superconductor (HTS), minimize the voltage drop in the copper winding, minimize the current through the DC biased superconducting winding, and minimize the price of the HTS superconducting winding. Before implementing the multi-objective optimization algorithm, we have tested a non-superconducting saturated iron core prototype and used the results to validate the simulation models. After that, we have replaced the DC copper winding with an HTS coil in the simulations and initiate the optimization process. Results show that constructing the DC bias superconducting coil using the minimum possible fill factor might not be the best choice.