The present study proposes an alternate approach to design and shape the Emulated Inertial Response (EIR) from Variable Speed Wind Turbines (VSWT) by exchanging its kinetic energy (KE) with the grid. Although, the KE released by the deceleration of VSWT can momentarily reduce the generation-demand difference, and thereby alleviate the frequency stability, limiting the effects of subsequent VSWT recuperation is one of the major challenge of EIR. The selection of the parameters of inertia controller which can balance the see-saw effects of KE exchange is a difficult task due to non-linear nature of the system. Further, the EIR control parameters must be selected judiciously to satisfy multiple and conflicting power system objectives. To address these issues, the present study uses the notion of Pareto-dominance along with Multi-Objective Particle Swarm Optimization (MOPSO) to select EIR control parameters. The efficacy of the proposed approach has been illustrated via simulations considering a case study on a micro-grid. The simulation results demonstrate that the designed EIR could effectively shape the inertial response as per decision makers requirement.