The recent Hydrogen Refueling Station (HRS) explosion in Norway confirms the need for improved design of these facilities to further facilitate the commercialization of a Hydrogen economy. Currently HRS designs are primarily based on the consideration of economics to supply Hydrogen at a competitive price and their safety is evaluated through Quantitative Risk Assessment as dictated by the codes and the standards. However, the absence of relevant safety perspective in the early design stage itself leads to a possibility of HRS being overdesigned in terms of safety. In this study, we propose an integrated model using queuing theory, process synthesis, QRA and economic analysis for designing HRS. The application of the integrated model is demonstrated using the inherently safer design philosophy. For the base design under consideration, it was observed that reducing liquid storage capacity can significantly reduce the risk associated with explosion along with an improvement in HRS economics, while reducing dispenser hose diameter can reduce the risk associated with jet-fire with a slight detriment to HRS economics.