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The increasing availability of large scale computing capabilities has accelerated the development of high-fidelity coupled simulations. Such simulations typically involve the integration of models that implement various aspects of the complex phenomena under investigation. Coupled simulations are playing an integral role in fields such as climate modeling, earth systems modeling, rocket simulations, computational chemistry, fusion research, and many other computational fields. Model coupling provides scientists with systematic ways to virtually explore the physical, mathematical, and computational aspects of the problem. Such exploration is rarely done using a single execution of a simulation, but rather by aggregating the results from many simulation runs that, together, serve to bring to light novel knowledge about the system under investigation. Furthermore, it is often the case (particularly in engineering disciplines) that the study of the underlying system takes the form of an optimization regime, where the control parameter space is explored to optimize an objective functions that captures system realizability, cost, performance, or a combination thereof. Novel and flexible frameworks that facilitate the integration of the disparate models into a holistic simulation are used to perform this research, while making efficient use of the available computational resources. In this paper, we describe the integration of the DAKOTA optimization and parameter sweep toolkit with the Integrated Plasma Simulator (IPS), a component-based framework for loosely coupled simulations. The integration allows DAKOTA to exploit the internal task and resource management of the IPS to dynamically instantiate simulation instances within a single IPS instance, allowing for greater control over the trade-off between efficiency of resource utilization and time to completion. We present a case study showing the use of the combined DAKOTA-IPS system to aid in the design of a lithium ion- battery (LIB) cell, by studying a coupled system involving the electrochemistry and ion transport at the lower length scales and thermal energy transport at the device scales. The DAKOTA-IPS system provides a flexible tool for use in optimization and parameter sweep studies involving loosely coupled simulations that is suitable for use in situations where changes to the constituent components in the coupled simulation are impractical due to intellectual property or code heritage issues.