Approximate triple modular redundancy (ATMR) is sought for logic masking of soft errors while effectuating lower area overhead than conventional TMR through the introduction of approximate modules. However, the use of approximate modules instigates reduced fault coverage in ATMR. In this work, we target better design tradeoffs in ATMR by proposing a heuristic method that effectively utilizes a threshold for unprotected input vectors to generate good enough combinations of approximate modules for ATMR, which accomplishes higher fault coverage and reduced area overhead compared with previously proposed approaches. The key concept is to employ logic optimization techniques of prime implicant (PI) expansion and reduction for successively obtaining approximate modules such that the combination of three approximate modules appropriately functions as an ATMR. For an ATMR to function appropriately, blocking is used to ensure that at each input vector, through the prime implicant (PI) expansion and reduction technique, only one approximate module differ from the original circuit. For large circuits, clustering is utilized and comparative analysis indicates that higher fault coverage is attained through the proposed ATMR scheme while preserving the characteristic feature of reduced area overhead. With a small percentage of unprotected input vectors, we achieved substantial decrease in transistor count and greater fault detection, i.e., an improvement of up to 26.1% and 42.1%, respectively.