Magnetic induction (MI) based communication and power transfer systems have gained an increased attention in the recent years. Typical applications for these systems lie in the area of wireless charging, near-field communication, and wireless sensor networks. For an optimal system performance, the power efficiency needs to be maximized. Typically, this optimization refers to the impedance matching and tracking of the split-frequencies. However, an important role of magnitude and phase of the input signal has been mostly overlooked. Especially for the wireless power transfer systems with multiple transmitter coils, the optimization of the transmit signals can dramatically improve the power efficiency. In this work, we propose an iterative algorithm for the optimization of the transmit signals for a transmitter with three orthogonal coils and multiple single coil receivers. The proposed scheme significantly outperforms the traditional baseline algorithms in terms of power efficiency.