Energy efficiency is nowadays a well-known principal design goal across all layers of computing systems (e.g., sensors, mobile, cloud). With diminishing benefits from CMOS technology scaling and increasing demands from unprecedented data size, new memory hardware innovation is greatly needed to enhance energy efficiency of computing systems. Recently, quality-aware hardware design techniques have been developed from different stack layers (device/circuit/architecture/system) to enable near-threshold/sub-threshold voltage operation by trading off between quality and power efficiency. Specifically, based on the energy-quality trade-off and application requirement, memory hardware is designed for the work mode with maximum quality first (step1-design for the work mode) and then the supply voltage will be adjusted in the sleep mode with just-enough quality to achieve maximum efficiency (step2-adjust in the sleep mode). We first propose mathematical models for this two-step design method to avoid time-consuming and laborious ASIC design iterations in traditional hardware design process. However, such a two-step design method focuses more at the application quality than the energy efficiency in all cases. In addition, as the supply voltage in the second step depends on the design from the first step, the solution space of the second step may be greatly limited, far from the true minimum supply voltage. To handle these issues, we propose a new design concept, the simultaneous quality and energy-sensitive optimal design (SQEOD), in which the two objectives are considered simultaneously rather than by two separate steps. By introducing a system-wised importance weight parameter in the modeling process, our method demonstrates system-specific SQEOD mathematical models for different memory designs with various requirements on the application quality and/or energy efficiency. The results of the numerical studies on embedded memory design show that the proposed models provide a useful and fast tool to enable the optimal hardware designs.