1. A method comprising: acquiring prevailing wind information for a wind farm from wind sensors; modeling wake-affected wind conditions based at least in part on the acquired prevailing wind information; calculating power capture values and damage equivalent load values for at least some of a plurality of wind turbines on the wind farm; using the power capture values and the damage equivalent load values for determining an optimization objective of the wind farm and one or more decision variables for optimization, wherein the optimization objective comprises either maximizing farm-level power capture or minimizing farm-level fatigue loads, and wherein the one or more decision variables correspond to the determined optimization objective; optimizing the optimization objective based on the wake-affected wind conditions, the power capture values, and the damage equivalent load values to calculate optimum decision variable values of the wind farm; transmitting the optimum decision variable values to the respective wind turbines; and using the optimum decision variable values at the respective wind turbines to achieve the optimization objective.