High performance control systems (HPCS) are advanced damping systems capable of high damping performance over a wide frequency bandwidth, ideal for mitigation of multi-hazards. They include active, semi-active, and hybrid damping systems. However, HPCS are more expensive than typical passive mitigation systems, rely on power and hardware (e.g., sensors, actuators) to operate, and require maintenance. In this paper, a life cycle cost analysis (LCA) approach is proposed to estimate the economic benefit these systems over the entire life of the structure. The novelty resides in the life cycle cost analysis in the performance based design (PBD) tailored to multi-level wind hazards. This yields a probabilistic performance-based design approach for HPCS. Numerical simulations are conducted on a building located in Boston, MA. LCA are conducted for passive control systems and HPCS, and the concept of controller robustness is demonstrated. Results highlight the promise of the proposed performance-based design procedure.