Guided waves (GW) allow fast inspection of a large area and hence have attracted research interest from the structural health monitoring (SHM) community. Thus, GW-based SHM is ideal for thin structures such as plates, pipes, etc., and is finding applications in several fields like aerospace, automotive, wind energy, etc. The GW propagate along the surface of the sample and get reflected from discontinuities in the structure in the form of boundaries and damage. Through proper signal processing of the reflected waves based on their time of arrival, the damage can be detected and isolated. For complex structures, a higher number of sensors may be required, which increases the cost of the equipment, as well as the mass. Thus, there is an effort to reduce the number of sensors without compromising the quality of the monitoring achieved. It is of utmost importance that the entire structure can be investigated. Hence, it is necessary to optimize the locations of the sensors in order to maximize the coverage while limiting the number of sensors used. A genetic algorithm (GA)-based optimization strategy was proposed by the authors for use in a simple aluminum plate. This paper extends the optimization methodology for other shape plates and presents experimental, analytical, and numerical studies. The sensitivity studies have been carried out by changing the relative weights of the application demands and presented in the form of a Pareto front. The Pareto front allows comparison of the relative importance of the different application demands, and an appropriate choice can be made based on the information provided.