A methodology is proposed for the assessment of error dynamics in large-eddy simulations. It is demonstrated that the optimization of model parameters with respect to one flow property can be obtained at the expense of the accuracy with which other flow properties are predicted. Therefore, an approach is introduced which allows to assess the total errors based on various flow properties simultaneously. We show that parameter settings exist, for which all monitored errors are "near optimal," and refer to such regions as "multi-objective optimal parameter regions." We focus on multi-objective errors that are obtained from weighted spectra, emphasizing both large- as well small-scale errors. These multi-objective optimal parameter regions depend strongly on the simulation Reynolds number and the resolution. At too coarse resolutions, no multi-objective optimal regions might exist as not all error-components might simultaneously be sufficiently small. The identification of multi-objective optimal parameter regions can be adopted to effectively compare different subgrid models. A comparison between large-eddy simulations using the Lilly-Smagorinsky model, the dynamic Smagorinsky model and a new Re-consistent eddy-viscosity model is made, which illustrates this. Based on the new methodology for error assessment the latter model is found to be the most accurate and robust among the selected subgrid models, in combination with the finite volume discretization used in the present study.