A method to design new, not yet synthesized, multicomponent alloys based on knowledge of binary alloys is applied to develop Pd‐alloys for membranes for gas separation. The approach couples the cluster variation method with effective pair potentials to describe the phase boundaries between the α‐solid solution (low hydrogen content) and β‐hydride phases. The calculations illustrate (i) that the method can predict α − β phase boundaries of hydrogen in binary and ternary Pd‐alloys, (ii) how the relative interaction strengths of filled and empty interstitial sites influence the width of the miscibility gap, (iii) that the hydrogen absorption capacity of an alloy is related to the hydride phase stability and (iv) the presence of short range order of hydrogen in β‐hydrides.