This paper proposes an area/time optimizing algorithm in a high-level synthesis system for control-based hardwares. Given a call graph whose node corresponds to a control flow of an application program, the algorithm generates a set of state-transition graphs which represents the input call graph under area and timing constraint. In the algorithm, first state-transition graphs which satisfy only timing constraint are generated and second they are transformed so that they can satisfy area constraint. Since the algorithm is directly applied to control-flow graphs, it can deal with control flows such as bit-wise processes and conditional branches. Further, the algorithm synthesizes more than one hardware architecture candidates from a single call graph for an application program. Designers of an application program can select several good hardware architectures among candidates depending on multiple design criteria. Experimental results for several control-based hardwares demonstrate effectiveness and efficiency of the algorithm.