A system and method for simultaneously coordinating a wake control system and a noise control system of a wind farm having a plurality of wind turbines is disclosed. The method includes determining, via a farm controller, one or more wake control set points for the wake control system. Further, the method includes determining, via the farm controller, one or more noise control set points for the noise control system. The method also includes selecting, via the farm controller, between the wake control set points and the noise control set points for each of the plurality of wind turbines. Thus, the method also includes sending, via the farm controller, the selected control set points to local controllers of the plurality of wind turbines and operating the wind farm based on the selected control set points.