I am not a big music guy but I understand audio signal processing and acoustics to a decent extent so I shall take a crack at it. There are no definitive rules or purely objective measures for predicting how well certain sounds will blend together in a mix, as much of it depends on stylistic choices, the specific musical context, and/or the intended emotional response. However, several principles and techniques can be used to craft a balanced and cohesive mix, which can be seen as a kind of "objective" approach in the sense that it's based on general principles of acoustics and psychoacoustics. Here are a few:
Frequency Spectrum Management: Each instrument occupies a specific range in the frequency spectrum. Too many instruments in the same frequency range can lead to a muddy mix. Using an EQ (equalizer) to cut unnecessary frequencies from each instrument can help to make room for others and create a balanced and better sounding mix.
Harmonic Compatibility: This is about how the harmonic content of different sounds interacts. Two sounds may be more likely to blend well if their harmonic series align in a way that is consonant rather than dissonant. This is a complex area that depends on the specifics of the sounds involved and the musical context.
Dynamic Range Management: If two sounds have very different dynamic ranges (i.e., the difference between the quietest and loudest parts), they might not blend well. Compression can be used to control the dynamic range of different elements and help them to sit together better in the mix.
Timbral Balance: This involves considering the timbral qualities of different sounds and how they can complement each other. For example, a bright, harsh sound might be balanced by a softer, warmer sound.
Perceptual Loudness: Different frequencies are perceived as being different loudnesses at the same amplitude, due to the way human hearing works. Tools like LUFS meters can help to measure and manage perceptual loudness.
For a different approach, machine learning could potentially be used to analyze large numbers of successful mixes and identify patterns that could be used as a kind of objective measure for predicting how well certain sounds will blend.
Do keep in mind that these are just tools and should not override the most important aspect of mixing: the human ear. Mixing is an art form and while these tools can help, they should not dictate the creative process. The ultimate judge of a good mix is how it sounds to you and your intended audience.