In this research article, ceramic particulate (SiO2/SiC) reinforced AA2024 alloy composite material formulation has been prepared via semi-automatic stir casting technique following industrial standard practice. The samples specimens have been prepared as per ASTM standard dimensions and the physical, mechanical and wear performance test were performed. The obtained test results have higher confidence level (95%) and the same has been used to rank the composite materials of the formulation using Preference Selection Index (PSI) method (a Multi-Criteria-Decision-Making (MCDM) tool) which is simple to compute and understand. This enables a practicing engineer to rank the designed materials via optimizing material properties like tensile strength, flexural strength, impact strength, wear resistance, density etc. It has been observed that the aluminium alloy composite incorporated with an equal presence of both ceramics shows best properties and also ranked highest by PSI method. Hence, such techniques may be used for decision making successfully in the selection of materials.