Cutting tools with high length-to-diameter ratios used in internal turning often experience chatter due to increased compliance. To ensure stable machining, active damping methods using hydraulic-, piezoelectric-, magneto-strictive-, electromagnetic- actuators are explored earlier. Magnetic actuators stand out for their cost-effectiveness, manufacturability, and wide bandwidth. However, their bulky design limits industrial adaptability. This work proposes a hybrid approach that integrates numerical simulation with optimization to design compact and optimal magnetic actuators without sacrificing force/torque. The proposed approach resulted in an actuator having equivalent performance, enhancing suitability with dimensional reduction of (65.59%, 64.60%) for (Si-Fe, Ni-Fe) against Somaloy reported in literature.