The objective of this paper is to analyse and optimize the performance parameters of Relay nodes used in the finite block length (FBL) regime. A relaying system with a single Decode and Forward (DF) Relay is used for this purpose. Here using FBL, the performance parameters like coding rate, decoding error probability etc are obtained for different scenarios like without relay, with relay and using cooperative relaying. Effects of SNR and code Block length on performance parameters are analyzed. To enhance the performance of the Relay in URLLC scenario, power distribution between source and Relay node is optimized using evolutionary algorithms such as Multi-Objective Particle Swarm Optimization (MOPSO) and Infeasibility Driven Evolutionary Algorithm (IDEA). Low error probability and high throughput at the desired block length and power were the optimization goals. After using both the algorithms, the optimized Relay has shown improvement in performances like throughput (coding rate) and decoding error probability. It is also observed that IDEA optimization approach is found to be more efficient than MOPSO to provide optimum design parameters.