Wire and arc additive manufacturing (WAAM), also known as wire arc directed energy deposition (WA-DED), offers valuable capabilities not only for manufacturing but also for strengthening and repairing aging components. This paper employs the finite element (FE) method to investigate the influence of deposition parameters on the strengthening efficiency of damaged steel plates strengthened by WAAM material. The study calibrates the inherent strain method (ISM) with thermo-mechanical analysis to accurately predict residual stresses (RS) in manufactured samples, demonstrating that the ISM enhances computational efficiency while effectively predicting RS. It thoroughly examines key parameters such as the deposition direction, maximum thickness, and the geometric configuration of the WAAM material, including shapes and in-plane dimensions. The results indicate that deposition perpendicular to the loading direction provides better performance compared to deposition along the loading direction as it induces less normal and through-thickness stresses. Furthermore, this research determines the optimal maximum thickness for the WAAM material, showing that an increase in thickness can lead to higher maximum tensile stresses at the interface between the newly WAAM material and the underlying base plate. The study also establishes the optimal in-plane dimensions for the WAAM material. The results suggest placing the maximum thickness of WAAM material near the damaged area and gradually decreasing it in two directions to ensure sufficient stiffness around the cracked area, while avoiding an abrupt change in stiffness. This approach generates appropriate compressive stresses around the crack tip and decreases maximum tensile stresses in the plate. The study further illustrates that employing a proper printing strategy without a subsequent machining process can effectively reduce the maximum tensile stress in the steel plate while minimizing material usage.