The study presented in this manuscript proposes an optimization approach for the design of a payload fairing for launch vehicles by incorporating a structure that is a combination of parts made up individually of CFRP and GFRP. This unique design aims to reduce cost while making the fairing lightweight and maintaining its mechanical performance. Strategically, based on aerodynamic forces, drag, material properties, etc., the cylindrical portion was made up of GFRP, whereas the nose cone and base were made up of CFRP. GFRP is popular for its advantageous mechanical properties and cost-effectiveness. Hence, the approach taken here is to use comparatively cheaper GFRP in parts where less pressure and drag are experienced. The methodology involved computational modeling, structural optimization techniques, and mechanical properties. Fluent, modal, and structural analyses were carried out to analyze the performance of the fairings’ combined structure. The fairings showed minimal distortion under 0.03 MPa pressure. At their apex, the fairings experience a maximum pressure of 0.66 MPa, and 0.653 MPa is experienced at the nose tip of the cone with mesh element sizes of 250 mm and 300 mm, respectively. Modal analysis revealed frequency ranges from 0 to 10 Hz for the fairings. The results reflect that this integrated fairing design can be deployed in LEOs, reducing costs aided by various manufacturing techniques.