This paper aims to present a novel proposed formula, along with technical viewpoints, to solve the problem of transmission lines outage rate due to back-flashover phenomena in terms of soil resistivity, the number of disc insulator units in the string, and tower grounding system structure. Improving the tower grounding system (reducing the impedance) and developing the insulation level are appropriate solutions to prevent the occurrence of the back-flashover, dependent on many factors. To the best of our knowledge, the trade-offs between these two parameters, in respect of soil resistivity, to obtain the desired back-flashover rate (BFR) has not been presented via a compact formula yet. In this paper, it will be shown that in a specific soil resistivity and grounding structure, there is a minimum required insulator unit number and grounding conductor length to achieve the desired BFR, which could be calculated by the proposed formula, straightforwardly. Also, the economic selection between increasing the insulator unit number and developing the tower grounding system in terms of soil resistivity and BFR is investigated. The simulation procedure is coded with Matlab and linked to EMTP/ATP program to analysis the BFR. This method is done for a typical 150 kV overhead transmission line, however, it can be applied to any voltage level of transmission line and significantly facilitate the cost effective design of them.