A wide-area measurement system process consists of three interconnected layers: data acquisition, data transmitting, and data processing. These functions are performed by measuring devices, communication systems, and energy management systems, respectively. Quite often these three mutually dependent functions have been studied independently by a number of researchers. However, phasor measurement unit (PMU) placement problem needs to be solved by optimizing the three objectives, namely minimizing the installation cost of PMUs, maximizing the measurements redundancy, and their required communication infrastructure simultaneously by ensuring complete power system network observability. In the present work, this task has been accomplished using non-dominating sorting genetic algorithm-II. The Pareto-optimal solutions are obtained using the non-dominated sorting and crowding distance criterion. Subsequently, a decision-making procedure based on technique for order preference by similarity to ideal solution method is employed to determine the best conciliation solution from the set of Pareto-optimal front. The effectiveness and flexibility of the proposed algorithm have been tested on IEEE 14-bus, IEEE 30-bus, IEEE 57-bus, 75-bus Indian, and polish 2383-bus systems.