Industrial robots are complex systems, as they require the integration of several sub-assemblies to perform accurate operations. Moreover, they may experience remarkable dynamic actions due to high kinematic requirements, which are necessary to obtain reduced cycle times. The dynamic design of industrial robots can therefore be demanding, since the single structural component can induce an impact both in the design phase (development strategy and computational time) and at the machine level (global stiffness and natural frequencies). To this end, the present paper proposes first a topology optimization procedure based on the Equivalent Static Loads (ESL) method that integrates flexible multibody simulation outputs. The same procedure also foresees an intermediate static reduction to reduce and to precisely define the application points of the ESL. Secondly, an optimization procedure based on the Quasi-Static Loads (QSL) method integrating flexible multibody simulation outputs is proposed as well. The objective is to carry out a comparison between the two methods and consequently evaluate the benefits and drawbacks of the two. In the end, practical guidelines regarding the selection and application of the two methods are also provided to the reader.