Fault tolerance plays a significant role in the safety-critical system design that enables a system to continue performing its intended functions in presence of faults. Redundancy is the key underlying method to achieve fault tolerance. Hardware redundancy and software redundancy are well-known redundancy techniques. In case of model-based development, redundancy mechanisms can be applied directly at the model level, e.g. to a Simulink model. This paper introduces a new, model-based redundancy technique to tolerate hardware faults, called model-based redundancy (MORE). Applications of fault-tolerant design patterns, such as comparison, voting, and sparing, to Simulink models are introduced. A Simulink PID controller model is demonstrated as a case study to show the effectiveness and feasibility of the introduced approach. The paper also addresses the mutual optimization of reliability properties and system performance. We apply the MORE separately to the P, I, D terms and analyze system performance and achieved reliability properties, evaluated using a stochastic dual-graph error propagation model.