This work presents an advanced and systematic approach to analytically design the optimal parameters of a two parameter second-order internal model control (IMC) filter that satisfies operational constraints on the output process, the manipulated variable as well as rate of change of the manipulated variable, for a first-order plus dead time (FOPDT) process. The IMC parameters are designed to minimize a control objective function composed of the weighted sum of the error between the process variable and the set point, and the rate of change of the manipulated variable, and to satisfy the desired constraints. The feasible region of the constrained IMC control parameters was graphically analyzed, as the process parameters and the constraints varied. The resulting constrained IMC control parameters were also used to find the corresponding industrial proportional-integral controller parameters of a Smith predictor structure.