This document analyzes the parameters of fractional PID controllers and their effects on time domain specifications using optimization algorithms. Fractional PID controllers have five parameters compared to classical PID controllers which have three. The Nelder-Mead algorithm and Interior Point algorithm are used to optimize the controller parameters. Various plant models including first order, second order, higher order, fractional order, and first order with delay are simulated. The relationships between the fractional parameters (order of integration λ and order of differentiation μ) and time domain specifications (rise time, peak time, settling time, overshoot) are observed for each plant model. Graphs are presented showing the effects of varying λ and μ on the time domain specifications. The findings provide guidelines for