Tube Hydroforming (THF) process is widely used in the aerospace and automotive industries. The success of forming tubular components using the THF process generally depends on many influencing parameters such as geometry, coefficient of friction, loading pathways, material formability, etc. The objective of this study was to determine the effect of the corner radius, coefficient of friction and heat treatment temperature on the bulging of the tubular component using finite element simulations. To address the complexity of parameter selection correctly with different alternatives, the multi-criteria decision-making methods (MCDM) applied in the present work. Two decision models, namely Technique for Order Performance by Similarity to Ideal Solution (TOPSIS) and Performance Selection Index (PSI) methods with entropy weighting criteria were applied for obtaining the best combination of parameters to get a sound quality product. Finally, the proposed ranking was validated by conducting experimental trials and the error was observed to be in limits in comparison with the simulated data. ANOVA was also performed to distinguish the significant parameters and their contribution to the responses. Both the MCDM methods suggested the same favorable and unfavorable alternatives.