Reliability allocation to increase the total reliability has become a successful way to increase the efficiency of the complex industrial system designs. A lot of research in the past have tackled this problem to a great extent. This is evident from the different techniques developed so far to achieve the target. Stochastic metaheuristics like simulated annealing, Tabu search (TS), Particle Swarm Optimization (PSO), Cuckoo Search Optimization (CS), Genetic Algorithm (GA), Grey wolf optimization technique (GWO) etc. have been used in recent years. This paper proposes a framework for implementing a hybrid PSO-GWO algorithm for solving some reliability allocation and optimization problems. A comparison of the results obtained is done with the results of other well-known methods like PSO, GWO, etc. The supremacy/competitiveness of the proposed framework is demonstrated from the numerical experiments. These results with regard to the time taken for the computation and quality of solution outperform the previously obtained results by the other well-known optimization methods.