In this study, an optimal design technique was investigated for determining appropriate dimensions of components of the die set used in the extrusion process. For this, an axi-symmetric elastic finite element program for the analysis of deformation of the shrink fitted die set was developed with the Lagrange multiplier method to implement the constraint condition of shrink fit of stress ring. By coupling the rigid-viscoplastic analysis of extrusion process by CAMPform and elastic analysis of the die set, the optimization study was made by employing optimization program DOT. Considering the various assembly conditions, optimal design was determined for a single stress ring case. It is construed that the proposed design method can be beneficial for improving the tool life of cold extrusion die set at practice.