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This paper deals with the topic of reducing drag force acting on aircraft wings by incorporating novel winglet designs, such as multi-tip, bird-type, and twisted. The high-speed NASA common research model (CRM) was selected as the baseline model, and winglet designs were retrofitted while keeping the projected wingspan constant. Computational analysis was performed using RANS coupled with the Spalart–Allmaras turbulence model to determine aerodynamic coefficients, such as CL and CD. It was observed that the multi-tip and bird-type designs performed exceptionally well at a low angle of attack (0°). A parametric study was conducted on multi-tip winglets by tweaking the parameters such as sweep angle (Λ), tip twist (Є), taper ratio (λ), and cant angle (Φ). The best combination of parameters for optimal aerodynamic performance while maintaining the wing root bending moment was determined using both the Taguchi method and Taguchi-based grey relational analysis (T-GRA) coupled with principal component analysis (PCA). Also, the percentage contribution of each parameter was determined by using the analysis of variance (ANOVA) method. At the design point, the optimized winglet design outperformed the baseline design by 18.29% in the Taguchi method and by 20.77% in the T-GRA coupled with the PCA method based on aerodynamic efficiency and wing root bending moment. [ABSTRACT FROM AUTHOR]