Multi-objective optimal placement of PMU problem has been investigated. Conflicting objective functions such as minimization of count of PMUs and maximization of redundancy have been considered. Fuzzy membership based two different approaches such as maximum fuzzy satisfaction and maximum degree of satisfaction have been utilized to convert multi-objective problem into single objective. Binary dragonfly algorithm has been employed to solve optimal PMU placement problem. The effectiveness of the proposed approach has been demonstrated by implementing it on various standard IEEE systems.