As the Age of Space Exploration and Exploitation/Utilization enters unforeseen horizons, an impending need for low cost, readily available Satellite Platform arises. Using the currently existing satellites, to realize numerous planned Satellite constellations/ future missions will make it enormously expensive and unrealistic. The spotlight turns towards Microsatellites designed with commercially available parts to provide a low cost alternative. However, a potential landmine that threatens this anticipated non-terrestrial boom is the inability to quantify the risk associated with these small satellites. The main goal of this research is to develop an innovative framework to accurately estimate the reliability of microsatellites. Additionally, to develop a “Design Decision Support System” which utilizes the estimated reliability to enhance the system design.