This paper describes a top-down design methodology to optimize resonant capacitance in a wireless power transfer system with 3-D stacked two receivers. A 1:2 selective wireless power transfer is realized by a frequency/time division multiplexing scheme. The power transfer function is analytically formulated and the optimum tuning capacitance is derived, which is validated by comparing with system simulation results. By using the optimized values, power transfer efficiencies at 6.78MHz and 13.56MHz are simulated to be 80% and 84%, respectively, which are <3% worse than a conventional wireless power transfer system.