The present disclosure is directed to a system and method for micrositing a wind farm having a plurality of wind turbines. The method includes (a) determining, via a loads optimization function, one or more wind directions with or without turbine shadow for each of the wind turbines in the wind farm, (b) determining, via the loads optimization function, at least one additional wind parameter for each of the wind directions, (c) calculating, via simulation, loads for each of the wind turbines in the wind farm based on the identified wind directions with or without turbine shadow for each of the wind turbines in the wind farm and the at least one additional wind parameter for each of the wind directions, and (d) determining a site layout for the wind farm based on the calculated loads.