In eccentrically braced frames (EBFs), inelastic behavior is only permitted in the links. All members, except for the links, are designed according to the capacity design concept by using the link overstrength factor, Ω, so that they remain elastic even when the links develop their ultimate strength (including the strain-hardening effect). AISC 341 specifies that the Ω factor of link members must be 1.25 for beam and brace design and 1.1 for column design. In this study, the relevance of the current Ω factor was investigated. A total of 471 K-braced EBF systems with various conditions were designed using a multi-objective optimization technique, and nonlinear dynamic analyses were performed to evaluate the Ω factor. The results indicate that it is reasonable to use the current Ω factor for the design of beam outside link and brace; however, it leads to an overestimation of axial force in columns, especially in the lower stories of tall buildings. From the analysis results, a new Ω factor equation for column design was proposed. It was demonstrated that the structural quantities of 15-story frames designed using the proposed equation decreased by an average of 19% compared to those designed using the current Ω factor.