Data security is one of the prime concerns in wireless networks. PLKG has been emerging as an attractive alternative to traditional cryptographic techniques. PLKG is more computationally efficient than cryptography. Moreover, PLKG using Principal component analysis (PCA) as pre-processing may further save computations. This paper proposes three mechanisms to select components of PCA which are based on Information content, Mean and Histfit. Bit Disagreement Rate (BDR) is compared for each mechanism. Histfit based method is found to be best. Since only two components are supposed to be processed for key generation, it is computationally efficient/ power efficient too.