I have searched the forum to find solution for Hyperlink alias in Smartform and found the below link
http://scn.sap.com/message/9724092#9724092 - Hyperlink in Smartform
http://scn.sap.com/thread/1963802 - Dynamic Url Smartforms.
Later I thought it will be useful for guys like me 
if I create a blog for the same with screen shots and steps.
Create Smartform with text element. Type 'TEST' and click on URL button to activate hyperlink.
Use a callback for the application-specific formatting of the URL address or the URL description. Refer the below program.
DATA ls_output_options_sf TYPE ssfcompop.
DATA lv_function_module_name TYPE rs38l_fnam.
TYPES: BEGIN OF ty_url,
name(80),
url TYPE string,
END OF ty_url.
DATA: lt_url TYPE TABLE OF ty_url,
ls_url TYPE ty_url.
CALL FUNCTION 'SSF_FUNCTION_MODULE_NAME'
EXPORTING
formname = 'ZHCM_EXP_HYPERLINK'
IMPORTING
fm_name = lv_function_module_name
EXCEPTIONS
no_form = 1
no_function_module = 2
others = 3.
ls_url-name = 'TEST'.
ls_url-url = 'https://www.google.co.in/'.
APPEND ls_url TO lt_url.
* clear buffer for callback functionality
CALL FUNCTION 'HR_RCF_SF_URL_REFRESH_GT'.
CALL FUNCTION 'HR_RCF_SF_URL_PREPARE_CALLBACK'
TABLES
pt_url = lt_url.
ls_output_options_sf-urlcall = 'HR_RCF_SF_URL_CALLBACK'.
CALL FUNCTION lv_function_module_name
EXPORTING
OUTPUT_OPTIONS = ls_output_options_sf
* USER_SETTINGS = 'X'
* IMPORTING
* DOCUMENT_OUTPUT_INFO =
* JOB_OUTPUT_INFO =
* JOB_OUTPUT_OPTIONS =
* EXCEPTIONS
* FORMATTING_ERROR = 1
* INTERNAL_ERROR = 2
* SEND_ERROR = 3
* USER_CANCELED = 4
* OTHERS = 5
.
IF SY-SUBRC <> 0.
* Implement suitable error handling here
ENDIF.
Print Preview Screen for final Output
Final PDF with hyperlink alias
SAP Note : 622718 - SF Web Forms: Callback for the URL format
Comments and suggestions are most appreciated !!