We present a strategy and software for integrating probabilistic models of flaw distribution and growth, probability of detection models for non-destructive inspection (NDI) methods, component repair strategies, NDI design tools, and optimization algorithms into a computer-aided software system for product life cycle design and optimization. A strategy is under development for rapid evaluation and optimization of alternative component life management strategies while considering multiple design, inspection, maintenance, damage tolerance, and life-extension design variables, objectives and constraints. Based on this strategy, a proof-of-concept software system has been developed, and preliminary case studies have been performed to demonstrate the feasibility of model integration, design space exploration, parameter optimization, and visualization methods to address product service life and cost. Current work focuses on modeling complex series of inspections and repairs often found in the field, providing database functionality to allow effective use of real inspection data to populate probabilistic life models, and demonstrating the software tool on problems of interest to the aircraft maintenance community. This approach is expected to improve reliability and reduce development costs for NDI procedures and integrated vehicle health monitoring systems by optimizing the design of these tools while limiting the use of expensive empirical studies. The methodology has significant advantages over existing approaches, including (1) the use of object-oriented building blocks for flexible model design, (2) the capability to study and optimize complex maintenance processes, (3) the capability to optimize NDE system development based on economic service life variables, and (4) the capability to optimize overall economic service life cost.