Thank you @Victor_G ! I should probably clarify my problem because my 1st description was too general.
I have 11 shortlisted formulations, each formulation has 16 measured properties, this is the original data set. Important: all 11 formulations are already within their specification ranges. The goal is to rank the formulations according to how close their overall property profile is to an ideal profile. The ideal profile needs to be defined as well. I do not really see how Pareto could be applied in that case..
So for each property, I derived an Ideal Best and an Ideal Worst from the specification limits. For a property where higher is preferred, the upper reference is Best and the lower reference is Worst, for a property where lower is preferred, this is reversed.
I then transform every property onto the same scale: z = (x - Worst) / (Best - Worst), z [0, 1]. 0 means performance at the Worst reference and 1 means performance at the Best reference.
After this normalization criterion weights (user defined) are applied and I calculate the weighted Euclidean distances to the Ideal Best profile (all z = 1) and the Ideal Worst profile (all z = 0). The final score is: Diw / (Dib + Diw).
Your comment about Euclidean distance hiding trade offs makes me think that maybe adding a "sensitivity analysis" for the criterion weights could help reveal important trade offs. For example I could vary weights within (user defined - 20%) and (user defined + 20%). Then check how much the ranking changes. Large changes in rank could indicate properties that need special attention
I also absolutely like your suggestions about reducing the output space dimensionality, the tools you listed are very useful :)