This study investigates the effect of waste cement dust (CD) and rock wool (RW) inorganic fiber on the tribological performance of brake friction composite materials. Five formulations were fabricated by varying CD from 65 to 45 wt.% and RW from 5 to 25 wt.% and evaluated for tribological properties on a Chase friction testing machine in accordance with IS 2742 test procedures. The results show that composites containing higher CD and lower RW exhibited higher coefficients of friction, lower friction variability, and improved fade resistance. In contrast, composites containing higher RW and lower CD showed improved recovery characteristics and substantially enhanced wear resistance. The performance coefficient of friction decreased from about 0.521 to 0.442 as the formulation shifted from CD-rich to RW-rich compositions, while the variability coefficient increased from about 0.364 to 0.516. The highest wear was recorded for the composite containing 65 wt.% CD and 5 wt.% RW inorganic fiber, whereas the lowest friction fluctuations were obtained for the composite containing 55 wt.% CD and 15 wt.% RW inorganic fiber. Finally, a simple ranking process-based decision-making technique was employed to evaluate the overall performance of all the composites, suggesting 55 wt.% CD as the optimal content. These findings confirm the potential of waste CD as a viable functional constituent in brake friction composites when combined with RW inorganic fiber in an optimized manner.