State-of-the-art reliability optimizing schemes deploy spatial or temporal redundancy for the complete functionality. This introduces significant performance/area overhead which is often prohibitive within the stringent design constraints of embedded systems. This paper presents a novel scheme for selective software reliability optimization constraint under user-provided tolerable performance overhead constraint. To enable this scheme, statistical models for quantifying software resilience and error masking properties at function and instruction level are proposed. These models leverage a whole new range of reliability optimization. Given a tolerable performance overhead, our scheme selectively protects the reliability-wise most important instructions based on their masking probability, vulnerability, and redundancy overhead. Compared to state-of-the-art , our scheme provides a 4.84X improved reliability at 50% tolerable performance overhead constraint.