Ecosystem-based Fisheries Management is a holistic management approach that integrates the dynamics of an entire ecosystem, including societal dimensions. However, this approach seldom lives up to its promise because economic and social objectives are rarely specified. To fill this gap, we explored how an ecosystem model could better integrate economic and social objectives, using the coral reef ecosystem around Hawai`i as a case study. After meeting with stakeholders and conducting a literature review of policy/strategy documents, we identified societal and ecological objectives and associated performance indicators for which data existed. We developed a social–ecological system conceptual framework to illustrate the relationships between ecological and social state components. This framework was the foundation for the development of the final social–ecological system model which we simulated using an Ecopath with Ecosim model. We simulated four gear/species restrictions for the reef-based fishery, two fishing scenarios associated with the opening of hypothetical no-take Marine Protected Areas for the deepwater-based fishery, and a Constant Effort (No Action) scenario. Despite limitations in the model, our approach shows that when social and economic objectives and social–ecological relationships are defined, we can quantify the trade-offs among the identified societal objectives to support managers in choosing among alternative interventions.