In the literature, there has been thorough research on reliability-based design in different fields. However, aircraft power system investigations have mostly dealt with sub-system optimization. Hence, there is considerable potential to excel innovative formulations that could promote rapid adoption of new technologies, thus favouring continuous novel solution exploration. This paper reviews reliability-based architecture design optimization concepts which have been utilised in alternate applications and could jointly be applied to this MEA problem. Furthermore, it proposes a simplified mathematical formulation to illustrate the ideas behind such approach.